In the process of launching a crowdfunding project, strategic consumers will compare the crowdfunding price with the retail price to select the optimal time to purchase. Based on this background, this paper constructs a two-stage crowdfunding pricing model considering the influence of the reference price effect, and designs the two-stage dynamic pricing strategy of the crowdfunding sponsors. According to the degree of patience of consumers and the strength of the reference price effect, the promoters choose whether to publish the retail price, and sell at a higher or lower price during the second period. Using rational expectation equilibrium theory and backward induction method, this paper get the initiator''s equilibrium price and optimal strategy under the price reduction strategy. The results show that the sponsor''s strategy choice is not single, and it is affected by the patience of consumers and the strength of the reference price effect. This paper provides theoretical reference and management suggestions for crowdfunding sponsors to make decisions on crowdfunding and retail price.