What influences the consumption intention of new energy vehicles: the role of non-monetary policies and hedonic attributes

Purpose With the saturation of demand for new energy vehicles (NEVs) in larger cities, the governments further promote NEVs, especially in rural areas. From stimulus-organism-response (SOR) theory, we explore the relationship among incentives, product attributes and consumption intention for NEVs in rural areas. Design/methodology/approach The data were collected employing a cross-sectional methodology, targeting respondents in rural areas. Structural equation modeling was performed using SmartPLS (v. 3.3.7) with a sample of 278 consumers. Findings Results show that non-monetary policies positively affect perceived value (PV) and risk. However, no significant effect of monetary policies is found. Functional and hedonic attributes positively influence PV and risk. PV positively affects consumption intention, while perceived risk negatively affects consumption intention. We also find that non-monetary policies are higher than monetary policies and hedonic attributes are higher than functional attributes in terms of their effects on consumption intention. Among different groups, the moderating effect of age, education and marital status on consumption intention is pronounced. The low-age and married groups are more concerned with non-monetary policies, while the low-education and unmarried groups are more concerned with monetary policies. And the unmarried group focuses more on functional attributes. Practical implications Our findings help policymakers and marketers develop potential alternatives to better promote NEVs in rural areas. Originality/value This study enriches the research on consumption intention of NEVs in rural areas by applying the SOR paradigm to construct a theoretical framework.