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In order to analyse consumer response to differing levels of comparative advertising, we have designed a causal model that includes various measurements of advertising effectiveness (cognitive, affective and connative), along with some of the main moderating factors considered in prior academic research. Thus, we carried out an experimental study in Spain using a total sample of 720 consumers spread out over four large geographical areas of the country. The results drawn from estimating the proposed model indicate that the greater the comparative advertising intensity, the lower the consumer’s perception of believability. Likewise, the number of counter‐arguments presented by the consumer increases, which negatively affects both attitudes and purchase intentions. However, the less well‐known brands on the market are those that benefit most from this advertising strategy, increasing the audience’s …