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time‑limited green promotions, flash sales of sustainable products, and
social‑media‑driven trending campaigns effectively harness FOMO to amplify marketing
effectiveness. In the digital economy, algorithmically personalized marketing and real-
time promotional triggers are becoming standard tools, so this finding has practical
implications for sustainable brand strategy."
5.3. Influencer endorsement as a trust amplifier
The significant interaction between perceived quality and influencer endorsement
(β = 0.155, p < 0.001) supports the theoretical proposition that influencers serve as
credibility signals that reinforce consumers' trust in product quality (Zhao et al., 2024).
This is particularly relevant in the Vietnamese context, where over 70% of Gen Z
consumers discover sustainable products through platforms such as Instagram and TikTok
(see The Conversation, 2025). This finding suggests that collaborations between
sustainable brands and credible green influencers can effectively bridge the trust deficit
that often inhibits green product adoption.
5.4. The insignificance of financial literacy as a moderator
Financial literacy does not significantly moderate the relationship between social
influence and purchasing behavior (β = −0.226, p = 0.570). This suggests that rational
financial planning does not meaningfully alter the influence of social pressure on green
purchasing decisions in this cohort. This may reflect the nature of Gen Z consumer
behavior, which is more emotionally and socially driven than economically calculated. In
the context of sustainable products, values and identities often outweigh financial
considerations.
5.5. Implications for the digital economy
These findings carry significant implications for enterprises operating within
Vietnam's digital economy. First, algorithm-driven personalized green marketing should
leverage digital platforms. Second, strategic influencer partnerships can amplify perceived
product quality and build trust. Third, FOMO-driven campaign design, including time-
limited offers, exclusive sustainable product launches, and social proof mechanisms, can
effectively convert green awareness into actual purchasing behavior. Fourth, while
financial literacy did not moderate social influence, its significant direct effect (β = 0.196,
p < 0.001) suggests that fintech applications could integrate sustainability scores into
personal finance tools.
Fifth, these findings carry direct policy relevance in the context of Vietnam's EPR
framework (Decree No. 05/2025/ND-CP), which obliges producers and importers to
communicate product recyclability and environmental compliance to end consumers.
Enterprises subject to EPR obligations can leverage digital green marketing, as identified
here as the strongest predictor of Gen Z purchasing behavior, as an integrated channel for
EPR compliance communication, turning regulatory requirements into competitive brand
positioning opportunities within Vietnam's circular economy transition.
6. Conclusion, limitations, and future research
This study contributes to the intersection of sustainable consumption and digital
economy research by empirically demonstrating that digital-age phenomena, specifically
FOMO and influencer endorsement, serve as significant moderators of green purchasing
behavior among Gen Z consumers in an emerging economy. The integrative model,
grounded in TPB and TCV, explains 60.6% of variance in sustainable purchasing behavior
and identifies green marketing, perceived quality, and price perception as the primary
direct drivers.

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