We contrast memory-based and stimulus-based choices, using dual-process theories such as Kahneman and Frederick’s system 1/system 2 dichotomy. Systems 1 and 2 are conceptualized as distinct modes of thought, the former automatic and affective, the latter controlled and deliberate. Cognitive load impedes system 2, yielding greater reliance on system 1. In memory-based choice, consumers must maintain relevant options in working memory. Thus, memory-based choices are associated with greater cognitive load than stimulus-based choices. Indeed, we find that memory-based choices favor mmediately compelling, affect-rich system 1 options, whereas stimulus-based choices favor affect-poor options whose attractiveness emerges from deliberative system 2 thought.