This study examines whether post-pandemic luxury purchase intentions in Guangzhou are primarily driven by emotional compensation (“revenge consumption”) or rational deliberation. Based on an extended Theory of Planned Behavior (TPB) model—incorporating brand trust and digital engagement—the analysis uses SEM on 412 consumer responses. Findings indicate that core TPB constructs significantly predict intention, and additional variables enhance explanatory power. Interaction effects suggest that emotional and cognitive mechanisms jointly shape behavior, forming a continuum. The study offers empirical insights into evolving consumer psychology in digitally mediated luxury markets.