The availability of vast amounts of customer data has opened up new opportunities for online advertisers to shift their focus from mass-market strategies to customer-centric personalized advertising. However, it is not clear whether a highly targeted advertisement is perceived as beneficial among online users. This study explores how online consumers cope with personalized advertisements. Drawing upon the cost-benefit framework and literature on privacy concerns, this study proposes a structural model of consumer responses toward personalized advertising. The model indicates that three factors, namely perceived controllability, vulnerability, and information sensitivity significantly determined consumer privacy concern. The findings of this study suggest that privacy concern did not influence the likelihood of clicking on personalized ads, while perceived benefits of personalized ads affect click-through intentions.