The main objective of this study is to introduce and validate a new model of ethical consumption intention with the aim of identifying salient factors that influence consumer's attitude and purchase intention towards ethical products. For this purpose, this study introduces an extended model of the theory of reasoned action, which embraces the emotional component (positive anticipated affection) and socially oriented value component (altruism), as predictors of ethical consumption attitude and intention. Using a questionnaire‐based survey, the data were collected from 343 respondents who had previously purchased ethical products. The result showed that ethical obligation, self‐identity and altruism were positively related to consumer attitude towards ethical consumption. Also, ethical obligation and altruism were found to positively influence ethical consumption intention. Further, attitude and positive‐anticipated affection positively affected ethical consumption intention.