Product type and anticipated regret: The key to unlocking consumer upgrade intention.

As products are constantly updated, brands launch increasingly different versions thereof, and consumers frequently face upgrade choices. However, when and why consumers choose to upgrade has received limited attention. This article thus sheds new light on consumer upgrade intention by distinguishing a novel antecedent, product type (material vs. experiential). Three online studies with 642 participants from the US were conducted; we used t‐tests and bootstrapped mediation analysis via PROCESS Model 4 to analyze the data. The results of these studies reveal that consumers are more likely to upgrade experiential products than material products. Moreover, this effect is mediated by a heightened sense of anticipated regret rather than upgrade degree or perceived product closeness. Specifically, consumers feel greater anticipated regret if they do not upgrade experiential products (vs. material products), which leads to their higher upgrade intentions toward experiential products. This research therefore significantly extends regret regulation theory, provides important insights into the relationship between product type and upgrade intention, and offers valuable knowledge for brands seeking to optimize their marketing strategies. [ABSTRACT FROM AUTHOR]