The objective of this paper is to improve our understanding of the relationships between emotional states and luxury consumption. Current theorizing suggests that the valence of an emotional state alone cannot explain indulgent consumption but that this could be contingent on whether the emotional state can change or not. We propose that the certainty appraisal associated with the emotion will signal consumers whether their emotions can change, influencing their willingness to indulge in luxury consumption. We test this proposition in two studies. Results suggest that consumers in a negative emotional state are more willing to indulge in luxury consumption when the emotion is associated with uncertainty because indulging can help repair the negative state, but people in a positive affective state are more willing to indulge in luxury consumption when the emotion is associated with certainty because indulging will not hurt their positive state. Reconciling previous research linking emotional valence, emotion regulation, and indulgence, these findings suggest that the certainty appraisal of specific emotions is important in predicting luxury consumption to regulate one’s emotions. Theoretical and practical implications are discussed.