How counterfactual thinking affects willingness to consume green restaurant products: Mediating role of regret and moderating role of COVID-19 risk perception

Given the severe impact of the COVID-19 pandemic, one may wonder how this situation might have differed if green consumption had been prioritized. Counterfactual thinking is a psychological concept wherein people ponder alternative outcomes of events that have already happened. This paper presents two experiments to explore (a) the effect of counterfactual thinking on individuals' willingness to consume green restaurant products and (b) the roles that regret and risk perception play in the main effect. Study 1 revealed that consumers who think counterfactually express stronger willingness to consume green restaurant products than those who do not think counterfactually. A partial mediating effect of regret was also confirmed in this process. Study 2 showed that risk perception moderates the impact of counterfactual thinking on one's willingness to consume green restaurant products. Theoretical contributions of these findings to counterfactual thinking theories are discussed, and managerial implications for tourism marketing are provided.