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THE RAPID EXPANSION OF DIGITAL PLATFORMS AND DATA-DRIVEN
MARKETING HAS RESHAPED CONSUMER BEHAVIOR IN EMERGING
ECONOMIES

Tran Nam Quoc* 1

1 Banking University of Ho Chi Minh City, Vietnam.
(*E-mail: quoctn@hub.edu.vn)

ABSTRACT
The rapid expansion of digital platforms and data-driven marketing has reshaped
consumer behavior in emerging economies. However, few studies have examined how
digital-age phenomena such as social media influencer endorsements, Fear of Missing Out
(FOMO), and digital green marketing shape sustainable product purchasing behavior
among Generation Z. This study draws on the Theory of Planned Behavior (TPB) and the
Theory of Consumption Values (TCV). It develops and tests an integrative model with five
direct antecedents (price perception, green knowledge, perceived quality, social influence,
and green marketing) and three moderating variables (influencer endorsement, FOMO,
and personal financial literacy) to predict sustainable purchasing behavior. A quantitative
survey of 153 Generation Z university students in Ho Chi Minh City, Vietnam was
conducted. Data were analyzed using Cronbach's Alpha reliability testing, exploratory
factor analysis (EFA), Pearson correlation, and hierarchical moderated multiple regression.
The results show that green marketing (β = 0.573, p < 0.01), perceived quality (β = 0.264,
p < 0.01), and price perception (β = 0.201, p < 0.01) are the most influential predictors.
FOMO significantly moderates the relationship between green marketing and purchasing
behavior (β = 0.620, p < 0.001). Influencer endorsement also moderates the link between
perceived quality and purchasing behavior (β = 0.155, p < 0.001), highlighting the
amplifying role of digital-age psychological triggers. The model explains 60.6% of the
variance in sustainable purchasing behavior (adjusted R² = 0.606). These findings extend
TPB into the digital economy and provide empirical evidence for enterprises seeking to
promote green products in Vietnam's evolving digital economy.
Keywords: Sustainable purchasing behavior; green marketing, generation Z, FOMO,
influencer marketing; digital economy; emerging market; Vietnam.

1. Introduction
The global transition toward a digital economy has profoundly reshaped consumer
behavior patterns, particularly among younger demographics (Su & Li, 2024). In Vietnam,
one of Southeast Asia's fastest-growing digital economies with e-commerce valued at
over USD 20 billion and rapidly expanding social media penetration, digital transformation
has become a national strategic priority (Government of Viet Nam, 2020). Simultaneously,
Vietnam's National Green Growth Strategy (Government of Viet Nam, 2021) emphasizes
the "greening of lifestyles" and sustainable consumption as pillars of the country's
sustainable development agenda, targeting net-zero emissions by 2050.
These objectives are further reinforced by Vietnam's Extended Producer
Responsibility (EPR) framework, formally introduced in the 2020 Law on Environmental
Protection (No. 72/2020/QH14) and operationalized through Decree No. 08/2022/ND-CP
and Decree No. 05/2025/ND-CP, which obliges producers and importers to take

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