Extra Coupons and Unexpected Loss: The Effect of Unstackable Coupons on Consumer Purchases and Satisfaction

ABSTRACT Issuing coupons to promote products and services is used by businesses to stimulate consumption. However, consumers often encounter unstackable coupons, which refers to coupons that cannot be used together due to restrictions on coupon‐stacking. This study examines how unstackable coupons influence consumer purchases and satisfaction using the sense of loss to investigate the mechanism and boundary conditions of the effects of unstackable coupons through five experiments. We find an unstackable coupon reduces consumers’ purchase intentions and satisfaction, and a sense of loss plays a mediating role in this process. Our results also verify the moderating effects of the period of the coupon's validity, conditions for obtaining coupons, and the effort level required to obtain them. These findings provide guidance for enterprises in conducting coupon promotions to increase sales as well as consumer satisfaction.