This research explores how consumers’ perceptions of economic mobility influence their emotions towards brands. We conducted six online experiments and four surveys involving a total of 1,236 participants. Our findings suggest that individuals who believe they have limited opportunities for economic advancement experience malicious envy towards successful brands. This envy stems from a perception that the brand’s success is undeserved. Furthermore, this envy is exacerbated when brands are not seen as engaging in charitable giving. Interestingly, the effect of perceived economic mobility on envy dissipates for underdog brands, which are perceived as having exerted more effort to achieve success. Malicious envy due to low perceived economic mobility leads to negative consequences such as boycotts and negative word-of-mouth. This study addresses a gap in marketing research, traditionally focused on benign envy. By deepening our understanding of envy, this research offers strategies for managing brand relationships with consumers in less mobile societies.