Considering the distinct effects of the Wanghong group in retaining online consumers, more and more live streamers tend to accept the Wanghong economy and aim to become Wanghong live streamers. Although existing scholars have investigated the relationship between live streamers and online consumers, limited studies have discussed how Wanghong live streamers affect online consumers’ watching interest and lead to their final purchasing behaviors. To explore their purchasing decision-making process, this paper draws on the Attention-Interest-Desire-Action (AIDA) model and divides the process into Attention, Interest, Desire, and Action units. Through the data analysis based on the partial least squares path modeling and variance-based structural equation modeling (PLS-SEM), both attractive appearance and social interaction designed by Wanghongs positively affect online consumers’ watching interest, generate their purchasing desires, and cause their final purchasing behaviors. The research results are helpful for related scholars and network industries to understand the interactive mechanism between online consumers and Wanghongs. Exploring the distinct effect of this group will be beneficial in driving the development of the Wanghong economy and improving the environment of live streaming economy.