Impact of perceived value, positive emotion, product coolness and Mianzi on new energy vehicle purchase intention

China is currently the world's largest new energy vehicle consumer market, and millennials are the largest consumer group in China. To better promote environmental protection, this study aims to investigate the impact of Perceived Value, positive emotion and consumption characteristics (the "Coolness" concept representing millennials and the "Mianzi" concept representing traditional Chinese consumption values) on the purchase intention of new energy vehicles among Chinese millennials. Two studies were conducted using a sample of Chinese data (ntotal = 649), and an empirical examination was carried out using the partial least squares structural equation model. The results indicated that both perceived value and product coolness have a positive influence on purchase intention. Perceived value and positive emotion mediate the relationship between product coolness and purchase intention. Additionally, the "mianmianzi" factor positively moderates the relationship between perceived value, product coolness, and purchase intention. Finally, the implications for marketers and policymakers are discussed.