Abstract Product scarcity can influence purchase decisions, but this relationship is multifaceted due to the influence of various cues. This study aims to integrate knowledge of this subject through a meta‐analysis. The findings suggest that the likelihood of purchasing a scarce product is greater under (i) scarcity conditions of excessive demand (rather than restricted supply) and variety (rather than a category), but not urgency (limited quantity and limited time) scarcity, and (ii) product conditions of enduring luxuries (as opposed to transitory luxuries) and the presence (rather than absence) of social signaling and seasonality. From a theoretical standpoint, this study offers a typology of product and scarcity cues and employs a meta‐analysis to enhance our understanding of the relationships between product scarcity, product and scarcity cues, and purchase decisions, resulting in the establishment of a heterogeneous theory of product scarcity. From a managerial standpoint, the study suggests that product scarcity can affect purchase decisions and can be ethically utilized as a marketing strategy.
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