["Journal of Consumer Behaviour, EarlyView. ", "\nABSTRACT\nAlthough olfaction is known as the most effective sensory cue for evoking autobiographical memories, there is little research on how situational memory structures triggered by scents affect consumer decision‐making. In marketing, fragrance choices often focus on sensory preferences or abstract styles, without connecting with consumers' deeper psychological experiences. This study bridges the gap by integrating large‐scale online reviews (N = 154,017) and consumer surveys (N = 597). We use a mixed‐methods approach, combining LLM‐assisted content analysis and PLS‐SEM, to propose and validate an olfactory consumption model grounded in the Extended Situational Memory framework (SM5‐Extended). Our findings show that purchase intention is driven more by the memory's agency dimensions—such as spatial presence, protagonist identity, and intentionality—than by its temporal or causal details. Exploratory analysis further suggests that the four fragrance categories (Calm, Gentle, Fresh, and Classic) correspond to different psychological functions, from self‐healing to self‐expression. This research reveals that consumers essentially buy into the self shaped by scent‐triggered situations, laying a theoretical foundation and a practical pathway for perfume marketing to shift from just “smelling good” to being “meaningful.”\n"]