With the increasing awareness of sustainable development and the construction of a water-saving society, many Chinese enterprises, especially those with high water-consuming corporations, have begun to pay attention to water-saving management. This study employs a scenario experiment method, focusing on high water-consuming corporations, to examine the differentiated responses of consumers to both symbolic and substantive corporate water-saving behaviors. The results show that substantive water-saving behaviors significantly enhance positive consumer attitudes and purchase intentions compared to symbolic behaviors. Consumer–company identification mediates the impact of water-saving behaviors on consumer responses. Corporate abilities and water resource conditions in consumer’s location moderate this relationship. These findings underscore the market value of corporate water-saving behaviors and provide guidance for companies in developing effective water-saving practices and marketing strategies.