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Relationship Between Environmental Concern, Green Perceived Value and

Green Purchase Behaviour: The Moderating Role of Price Consciousness

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DOI: 10.15388/omee.2024.15.12

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 Contents lists available at Vilnius University Press

Organizations and Markets in Emerging Economies ISSN 2029-4581 eISSN 2345-0037

2024, vol. 15, no. 2(31), pp. 248–287 DOI: https://doi.org/10.15388/omee.2024.15.12

Relationship Between Environmental

Concern, Green Perceived Value and Green
Purchase Behaviour: The Moderating Role
of Price Consciousness
Dinh Van Hoang
Graduate School, Ho Chi Minh City Open University, Vietnam
hoangdv.22ab@ou.edu.vn
https://orcid.org/0000-0003-0424-9762
https://ror.org/00tean533

Le Thanh Tung (corresponding author)

Policy and Applied Economics Research Group,
Faculty of Economics and Public Management, Ho Chi Minh City Open University, Vietnam
tung.lt@ou.edu.vn
https://orcid.org/0000-0001-8487-2217
https://ror.org/00tean533

Abstract. Growing environmental concerns influence consumer buying decisions and behaviours. This
study investigates the factors that affect the green purchase behaviours of Generation Z consumers in
Vietnam. Employing the value–attitude–behaviour (VAB) framework, the study examines the intricacies
of green consumption behaviour. Study data were collected through an online questionnaire from 283
young Vietnamese consumers who frequently purchase green products. We performed the quantitative
analysis by the partial least squares structural equation modelling (PLS-SEM) and found that price
consciousness and attitude towards green products directly influence green purchase behaviour. Envi-
ronmental concern and green perceived value indirectly influence green purchase behaviour through
consumer attitude. Furthermore, the influence of price consciousness enhances the relationship between
attitude and green purchase behaviour. These findings provide valuable implications for managers aim-
ing to attract young, environmentally conscious consumers and promote green consumption behaviours.
Keywords: customer attitude, environmental concern, green perceived value, green purchase behaviour,
price consciousness

Received: 8/2/2024. Accepted: 14/6/2024

Copyright © 2024 Dinh Van Hoang, Le Thanh Tung. Published by Vilnius University Press. This is an Open Access article
distributed under the terms of the Creative Commons Attribution Licence, which permits unrestricted use, distribution, and
reproduction in any medium, provided the original author and source are credited.

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 Dinh Van Hoang, Le Thanh Tung. Relationship Between Environmental Concern,
Green Perceived Value and Green Purchase Behaviour: The Moderating Role of Price Consciousness

1. Introduction
Global recognition of environmental issues has increased over the last few decades,
accompanied by increasing demands for measures that address climate change and
encourage environmentally friendly consumerism (Campbell et al., 2018). A strong
commitment to sustainability has fuelled the growing momentum of the global green
consumer revolution (Akenji, 2014), as customers actively advocate for environmen-
tally friendly products (Cheung & To, 2019). Green consumption, a topic that has at-
tracted significant interest from many marketing researchers and practitioners in recent
years, continues to be a key factor in the promotion of environmental responsibility and
sustainable behaviours (Biswas & Roy, 2015).
Extensive study of the influence of personal values on consumer attitudes and be-
haviour in the current literature has yielded mixed findings (Gravelines et al., 2022).
Several studies have shown that personal values, including green perceived value, al-
truism, egotism, ecological value and environmental concern, play a significant role in
shaping consumer decisions and behaviours (Suki & Suki, 2019; Tanrikulu, 2021; Woo
& Kim, 2019; Yacout, 2023). At the same time, other studies have found that altruistic,
social, conditional and perceived values, as well as environmental concern, do not af-
fect environmentally friendly purchasing behaviour (Biswas & Roy, 2015; Duong et
al., 2022; Hamzah & Tanwir, 2021; Van Doorn & Verhoef, 2015). Testa et al. (2021)
asserted the need for further research on the mechanisms that stimulate the purchase of
green products. Further studies have focused on personal values, attitudes, behaviours
and contexts needed to predict behavioural outcomes (Cheung & To, 2019). To ad-
dress this gap, our study focuses on the dual personal values of environmental concern
and green perceived value and their effect on attitudes and behavioural outcomes.
The value of environmental concern is positively correlated with concern for others,
the environment and the planet (Leary et al., 2014). Customers’ individual mindsets and
underlying value systems determine their level of environmental concern (Schwartz,
1992). Those who prioritise preserving the natural world, protecting ecosystems and
promoting sustainability typically exhibit greater environmental consciousness (Gif-
ford & Nilsson, 2014). Altruism, biospheric value and self-transcendent motivations
that extend beyond self-interest also influence an individual’s environmental concern
(De Groot & Steg, 2007; Milfont & Gouveia, 2006). The value-based hypothesis sug-
gests that perceptions of negative environmental impacts reduce the relationship be-
tween values and concern, implying that environmental attitudes arise from general
rather than specific values (Schultz, 2001). Chen and Chang (2012, p. 505) defined
green perceived value as ‘a consumer’s overall evaluation of a product or service’s net
benefit, considering received versus given benefits, grounded in their environmental
desires, sustainable expectations, and green needs’. The existence of these two values
(i.e. environmental concern and green perceived value) is referred to as ‘dual personal
values’.

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Previous studies of green consumption have mostly concentrated on exploring the

determinants of consumer intentions to purchase green purchases rather than actual
purchasing behaviours (Testa et al., 2021). The focus has also primarily been on de-
veloped countries, disregarding green consumer behaviours in developing countries
(Nguyen et al., 2024). Our study focuses exclusively on the Vietnamese context to help
overcome the scarcity of research in developing countries and explore the impact of
national culture on attitudes and behaviours related to environmental concerns.
Price is a pivotal factor influencing green purchasing behaviour, as the elevated costs
associated with environmentally friendly products impact consumers’ willingness and
ability to buy, particularly among low-income households, who may perceive these
prices as significant barriers (Sun & Wang, 2020). Price consciousness is critical to
making green purchasing decisions. Consumers who have affordability may choose to
purchase green products because they believe that the advantages the products confer
outweigh the costs. Consumers with sufficient financial resources tend to have lower
price consciousness, making them more receptive to purchasing green alternatives
(Wang et al., 2018).
Within the domain of green consumption, purchasing attitudes towards green
product items can be either positive or negative (Varah et al., 2021). Attitudes, which
are internal reactions, originate from behaviours. This causal cycle is consistent with
consumer behaviour, which emphasises the progression from attitude to intention to
behaviour (Solomon, 2020). However, the impact of attitude on behaviour may not
always align, especially in situations featuring environmentally friendly purchasing
(Chaihanchanchai & Anantachart, 2023). While some research has shown attitude to
have a direct influence on pro-environmental behavioural intentions (Yadav & Pathak,
2017), other studies have found weak or moderate correlations between attitude and
actual behaviours (Bamberg, 2003; Chaihanchanchai & Anantachart, 2023). This dis-
crepancy represents the incongruity between attitudes and actual behaviours.
Our study explores how dual personal values (i.e. environmental concerns and
green perceived value) and price consciousness affect attitudes toward green products.
It further explores the role of price consciousness as a moderator in influencing the link
between attitude and green purchasing behaviour. We formulate three research ques-
tions (RQ) to address these objectives:
RQ1: What dual personal values (i.e., environmental concern and green perceived value) influ-
ence attitude?
RQ2: How do attitudes toward green products and price consciousness influence green purchasing
behaviour?
RQ3: Does price consciousness moderate the link between attitude and green purchasing behav-
iour?

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Green Perceived Value and Green Purchase Behaviour: The Moderating Role of Price Consciousness

This paper makes several contributions to the existing literature. First, we broaden
the value–attitude–behaviour (VAB) framework of Homer and Kahle (1988) by ex-
ploring the dual-value constructs of environmental concern and green perceived value.
We describe the ways in which these values can affect attitudes, which in turn shape
consumption intentions and behaviours in the emerging market of Vietnam. Second,
this study provides new insights into the dynamic mechanisms that influence consum-
ers’ attitudes toward green consumption by investigating the moderating role of price
consciousness. Third, we offer recommendations not only for entrepreneurs but also
for policymakers for enhancing green consumption behaviours in the future.

2. Theoretical Framework and Hypothesis Development

2.1 Theoretical Framework
We use the value–attitude–behaviour (VAB) theory as the theoretical framework for
this study. The VAB was developed to predict customer behaviours while purchasing
green products (Homer & Kahle, 1988). According to Govaerts and Olsen (2023), the
VAB framework proposes a hierarchical connection that extends from the middle cog-
nitions (beliefs and attitudes) to a specific behaviour via abstract cognitions (values).
Previous studies have used the VAB framework to predict consumer participation in
numerous environmentally friendly behaviours including recycling, nature preserva-
tion and organic food consumption (Cheung & To, 2019; Govaerts & Olsen, 2023;
Homer & Kahle, 1988; Kautish et al., 2023; Le et al., 2019). The VAB framework rec-
ognises the mechanisms that support consumers’ commitment to green consumption.
Values, referred to as ‘desirable goals that motivate action’, serve as guiding prin-
ciples that significantly influence attitudes and behaviour (Schwartz, 1992). Values
represent stable beliefs that accumulate to shape attitudes and actions in specific con-
texts (Homer & Kahle, 1988; Stern, 2000). Adding the expectations associated with
pertinent traits generates attitude, defined as the sum of an individual’s positive and
negative judgment of an attitude object (Ajzen, 1991). Behaviour then arises from an
individual’s attitudes about engaging in a certain action.
When making purchase decisions, customers consider not only personal values but
also environmental effects (Le et al., 2019). The concepts of environmental concern
and green perceived value are separate but mutually beneficial in developing environ-
mentally friendly attitudes and activities (Duong et al., 2022; Pandey & Yadav, 2023).
For this reason, this study incorporates dual personal values (i.e., environmental con-
cern and green perceived value) into the VAB framework, linking them with attitudes
and green purchasing.

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2.2 Environmental Concern

Environmental concern (ENC) refers to individuals’ consciousness and contempla-
tion of ecological matters (Duong et al., 2022) as well as their proactive involvement
in environmental issues (Saleki et al., 2019). Stern and Dietz (1994) identified ENC
as a customer value system and found a direct correlation between concern and values
related to compassion for others, the earth and the environment. Prior research has
suggested that ENC has a positive influence on attitudes towards green products (ATT)
(Duong et al., 2022), intentions (Saleki et al., 2019) and actual purchasing behaviours
(Newton et al., 2015). According to Leary et al. (2014), ENC functions as a value for
determining the importance of ecologically significant actions in sustainable situations.
People with higher ENC tend to have more positive attitudes towards and stronger in-
terests in environmental issues, which might influence their decision-making (Newton
et al., 2015). However, studies conducted by Bamberg (2003), Hamzah and Tanwir
(2021) and Duong et al. (2022) did not support the relationship between ENC and
environmentally friendly behaviour. Based on these findings, we formulate the follow-
ing hypothesis:
H1: Environmental concern has a positive effect on attitudes towards green products.

2.3 Green Perceived Value

Weighing the advantages and disadvantages of a particular service determines perceived
value (Zeithaml, 1988). Green perceived value (GPV) is the extent to which custom-
ers perceive the overall advantages derived from products as fulfilling their expecta-
tions and requirements for a sustainable environment ( Juliana et al., 2020). GPV plays
an essential role in shaping customer trust. Previous studies have found an interaction
between consumer trust and the perceived value of green products, as a high level of
perceived value promotes belief in the products upon purchase (Chen & Chang, 2012).
Studies have consistently shown that GPV influences attitudes and behaviours among
individuals regarding environmentally friendly clothing and food choices (Arora &
Manchanda, 2022; Woo & Kim, 2019). On the basis of these results, we develop the
following hypothesis:
H2: Green perceived value has a positive effect on attitudes towards green products.

2.4 Attitude Towards Green Products

The marketing field has extensively studied the role of attitude when examining cus-
tomer behaviour (Costa et al., 2021). Attitude is the outward expression of an indi-
vidual’s evaluation or judgment of a particular object, action or circumstance (Ajzen,
1991). Previous studies have confirmed that attitude plays a crucial role in shaping
pro-environmental behaviour related to green consumption. A strong correlation also

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 Dinh Van Hoang, Le Thanh Tung. Relationship Between Environmental Concern,
Green Perceived Value and Green Purchase Behaviour: The Moderating Role of Price Consciousness

exists between attitudes and green purchasing behaviour (GPB), or the purchasing of
environmentally friendly products (Amoako et al., 2020; Yadav & Pathak, 2017). Thus,
we put forth the following hypothesis:
H3: Attitude towards green products has a positive effect on green purchasing behaviour.

2.5 Mediation
The importance of attitude as a mediator between ENC and sustainable consumption
has been highlighted in several studies (Duong et al., 2022; Saleki et al., 2019). Accord-
ing to Mostafa (2007), environmental values and psychological factors significantly
influence the formation of pro-ecological attitudes and the likelihood of making green
purchases. Woo and Kim (2019) provided evidence suggesting that consumers’ per-
ceptions of the value they derive from green products have a notable impact on their
attitudes toward GPB. Amoako et al. (2020) similarly showed that GPV serves as a
mediator in the association between ATT and GPB. ENC and GPV play a critical role
in shaping the ATT of individuals, which subsequently influences their behaviours
through the mechanism of attitudes (Ogiemwonyi et al., 2023; Roh et al., 2022). ENC
and GPV indirectly affect GPB through the mediating role of attitude, leading to the
following hypothesis:
H4. Attitude mediates the relationship between green purchasing behaviour and (a) environmen-
tal concern and (b) green perceived value.

2.6 Moderated Effect

Price consciousness (PC) refers to the importance that purchasers attach to the price
of a product when deciding whether or not to make a purchase (Hansen, 2013). Indi-
viduals with heightened price consciousness place greater emphasis on price than other
factors. PC reduces the likelihood that consumers choose green products, which of-
ten carry price premiums compared to their conventional counterparts (Sun & Wang,
2020). For price-sensitive customers, the high price of eco-friendly products might
outweigh favourable environmental benefits during decision-making (Aschemann-
Witzel & Zielke, 2017).
Empirical studies have supported the notion that PC impairs the translation of green
intentions into actual purchasing behaviour. Hsu et al. (2017) found that increased
price consciousness reduces the influence of positive attitudes on long-term purchase
intentions for skincare items. Among individuals with positive attitudes towards organ-
ic products, those with higher price sensitivity show a weaker association between pur-
chase intentions and actual purchases of organic over conventional green items (Saleki
et al., 2019; Sun & Wang, 2020). We thus propose the following hypothesis:
H5: Price consciousness has a negative effect on green purchasing behaviour.

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Prior studies have indicated that many consumers are willing to pay a higher price
for green products that express their commitment to environmentally friendly values
or are of higher quality (Thøgersen & Ölander, 2006; Tse & Yim, 2002). However, the
higher costs of green products may reduce the likelihood that an individual purchases
them, particularly among price-conscious customers who strongly consider pricing
when making selections (Bezawada & Pauwels, 2013; Van Doorn & Verhoef, 2015).
The often higher pricing of green products may make it difficult for price-sensitive cus-
tomers to choose them over cheaper conventional items, even when they have pro-en-
vironmental sentiments (Bezawada & Pauwels, 2013). Therefore, we hypothesise that
price consciousness reduces the favourable link between the ATT and GPB.
H6: Price consciousness moderates the relationship between attitude and green purchasing behav-
iour.
Based on previous research, the conceptual model for this study is presented in Fig-
ure 1.

Figure 1
Proposed Research Model

Price consciousness (PC)

H5
H4a H6
Environmental
Concern (ENC) H1
Attitude toward Green Purchase
green products H3 Behavior (GPB)
Green Perceived (ATT)
H2
Value (GPV)
H4b

3. Research Methodology
3.1 Research Context
Vietnam, an emerging economy characterised by a young and growing popula-
tion, is undergoing a surge in the embrace of sustainable lifestyles, especially among
the middle class and those experiencing socio-economic mobility (De Koning et al.,
2015). Vietnam’s Generation Z cohort encompasses more than 15 million individuals,
constituting 19% of the working-age populace in 2021 (Nguyen & Vo, 2023). Projec-
tions suggest that by 2025, this generation will account for approximately 30% of the
total workforce. Improvements in living standards are expected to boost Generation
Z’s purchasing power and significantly affect their and their families’ spending habits
(Flurry & Swimberghe, 2016). In this study, we focus on Generation Z consumers born

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 Dinh Van Hoang, Le Thanh Tung. Relationship Between Environmental Concern,
Green Perceived Value and Green Purchase Behaviour: The Moderating Role of Price Consciousness

between 1997 and 2012 in three strategically selected cities representing northern, cen-
tral and southern Vietnam.

3.2 Methodology
We conducted a survey of 376 participants from three major cities in Vietnam—Ha-
noi, Danang and Ho Chi Minh City—using convenience sampling between June and
August 2023. The questionnaires contained initial screening questions to ensure that
respondents met the eligibility requirements to participate. To assess important psy-
chological characteristics predicted to impact green purchase behaviour, we used a
multi-item measure validated in prior studies. The variables measured included ENC
(4 items; Hamzah & Tanwir, 2021), GPV (5 items; Yadav & Pathak, 2017), ATT (4
items; Varah et al., 2021), PC (4 items; Sun & Wang, 2020) and GPB (3 items; Ya-
dav & Pathak, 2017). We also collected and analysed the demographic information
from individuals. Kline (2011) recommended a minimum of 10 samples per item; as
our questionnaire contained 20 items, the final sample size (376 customers) met the
predetermined criteria. We used Google Forms for data collection online via Zalo (a
Vietnamese social network) and email. A pre-test involving 100 respondents helped to
refine any ambiguous phrasing prior to deploying the survey.
We used partial least squares structural equation modelling (PLS-SEM) to investi-
gate the associations between latent variables associated with green purchases within
the Generation Z cohort. We performed all statistical analyses using SmartPLS 3.0 soft-
ware.

4. Results and Discussion

4.1 Descriptive Statistics
In total, 376 participants responded to the survey. After excluding individuals who
had not made frequent purchases of green products during the past 6 months or were
not members of Generation Z, we acquired a total number of 283 valid responses, cor-
responding to a response rate of 75.2%.
In our sample, 59.7% of participants were women and 40.3% men. The most typi-
cal educational level was a bachelor’s degree (59%), followed by college graduation
(22.6%), post-graduate (12.0%) and high school graduation (6.4%). Officer (33.2%),
student (23.7%) and sales/household worker (13.1%) were the most prevalent occu-
pations, while worker (8.5%) and manager (6.4%) were the least common. Nearly 40%
of participants earned less than US$420.52 per month, followed by US$420.52–841.03
(29%), US$841.04–1261.56 USD (21.8%), and more than US$1261.56 (11%).

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Table 1
Demographic Data of the Research Sample (n = 283)
Frequency
Characteristics Number
%
Gender
Male 114 40.3
Female 169 59.7
Education
High School 18 6.4
College 64 22.6
Bachelor 167 59.0
Postgraduate 34 12.0
Occupation
Officer 94 33.2
Sales/Household 37 13.1
Student 67 23.7
Worker 24 8.5
Manager 18 6.4
Others 43 15.1
Income per month
Under 420.52 USD 108 38.2
From 420.52–under 841.04 USD 82 29.0
From 841.04–under 1261.56 USD 62 21.8
Over 1261.56 USD 31 11.0
Location of residence
The North of Vietnam (Hanoi) 38 13.4
The Middle of Vietnam (Danang) 27 9.6
The South of Vietnam (Ho Chi Minh City) 218 77.0
Total 283 100%
Note. 1 USD = 23.780 VND (Exchange rate on June 30, 2023).

4.2 Reliability and Validity Assessment

The initial analysis of the measurement scales included evaluations of the outer load-
ings, CR and AVE, for the five latent constructs (Table 2). All elements exhibited satis-
factory loadings above the recommended 0.7 threshold (Hair et al., 2019). High outer
loadings indicate that each remaining scale item strongly captures the variance of its
assigned construct versus overlapping with other constructs. Furthermore, an AVE of
0.5 and CR of 0.7 imply adequate internal consistency and convergent validity of the

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Green Perceived Value and Green Purchase Behaviour: The Moderating Role of Price Consciousness

measurement scales, respectively (Hair et al., 2019). The square root of each construct
AVE exceeded its bivariate association with other constructs. The items exhibited a
higher degree of loading on their respective constructs compared to other factors. The
model is considered to be devoid of vertical and lateral multicollinearity if the VIF is
less than 3.3 (Kock, 2015). In our investigation, we used PLS-SEM with a bootstrap-
ping method of k = 5000. We consider hypothesis testing to be valid if the findings align
with the anticipated direction of the hypothesis and satisfy the statistical significance
requirements.

Table 2
Reliability and Validity Assessment
Outer Cronbach’s
Constructs Items CR AVE VIF
loading Alpha
ENC1 “I am concerned
0.892 2.827
about the environment”.
ENC2 “The condition of the
Environ- environment affects the 0.790 1.724
mental quality of my health”.
Concern
ENC3 “I am willing to make 0.883 0.920 0.742
(Hamzah
& Tanwir, sacrifices to protect the 0.889 2.770
2021) environment”.
ENC4 “I think individuals
have a responsibility to 0.871 2.461
protect the environment”.
GPV1 “The green product’s
environmental functions 0.892 2.859
provide good value to me”.
GPV2 “The green product’s
environmental performance 0.833 2.612
meets my expectations”.
GPV3 “I purchase green
Green
products because they
perceived
have more environmental 0.881 2.825
value
concerns than non-green 0.920 0.939 0.755
(Yadav &
products”.
Pathak,
2017) GPV4 “I purchase green
products because they are 0.874 2.924
environmentally friendly”.
GPV5 “I purchase green
products because they
have more environmental 0.865 2.893
benefits than non-green
products”.

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Outer Cronbach’s
Constructs Items CR AVE VIF
loading Alpha
ATT1 “Purchasing a green
0.896 2.863
product is a good idea”.
ATT2 “Green products are
Attitude to- 0.854 2.417
good for the environment”.
ward green
products ATT3 “I possess a desir- 0.907 0.934 0.781
(Varah et able attitude about green 0.895 2.714
al., 2021) products”.
ATT4 “I feel good about
myself when I use green 0.890 2.903
products”.
GPB1 “I have been pur-
chasing green products 0.916 2.228
Green regularly”.
Purchase
GPB2 “I have green purchas-
Behavior
ing behavior for my daily 0.921 0.894 0.933 0.824 3.088
(Yadav &
needs”.
Pathak,
2017) GPB3 “I have had green
purchasing behavior in the 0.919 3.219
past six months”.
PC1 “For me, the price is the
deciding factor when I buy 0.907 2.938
products”.
PC2 “Price is important to
Price Con- me when I decide to buy 0.849 2.720
sciousness products”.
(Sun & 0.920 0.943 0.806
Wang, PC3 “I usually try to buy
2020) products at the lowest 0.901 3.192
price”.
PC4 “I have to pay attention
to the price when I buy 0.912 3.289
products”.
Note. Results from Smart PLS 3.

Henseler et al. (2016) used the HTMT approach, which assesses each pair of vari-
ables. As indicated in Table 3, the HTMT values are below the threshold of 0.90.

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 Dinh Van Hoang, Le Thanh Tung. Relationship Between Environmental Concern,
Green Perceived Value and Green Purchase Behaviour: The Moderating Role of Price Consciousness

Table 3
The HTMT Value
ATT ATT*PC ENC GPB GPV
ATT*PC 0.277
ENC 0.575 0.205
GPB 0.369 0.019 0.316
GPV 0.386 0.076 0.487 0.214
PC 0.241 0.213 0.182 0.340 0.045
Note. Results from Smart PLS 3.

4.3 Results and Discussion

We conducted a collinearity test to determine whether there were any serious issues
with common method bias and multicollinearity. Cohen (1988) defines f2 values of
0.35, 0.15 and 0.02 as indicating high, medium and small impact sizes, respectively. In
our study, all f2 values were less than 0.02. According to the R2 values obtained from the
estimate of the structural model, independent variables account for 19.3% of the varia-
tion in GPB and 28.5% in ATT. R2 values greater than 26% indicate a significant influ-
ence, 2%–12% and 13%–25% indicate moderate impacts (Cohen, 1988). This shows
that the constructions under consideration have sufficient explanatory power. Q2 val-
ues exceeded the suggested threshold of 0 for all variables, including values of 0.221 for
ATT and 0.154 for GPB. The fit of the model was evaluated using SRMR = 0.062 < 0.08,
suggesting a satisfactory fit (Henseler et al., 2016). These findings, combined, suggest
that the model is an adequate and suitable representation for the framework suggested.

Table 4
The Results of PLS-SEM
Relationships H Coef. SD t-statistics P-value Result
ENC->ATT H1 0.444 0.064 6.948 0.000 Accepted
GPV->ATT H2 0.165 0.064 2.588 0.010 Accepted
ATT->GPB H3 0.320 0.051 6.256 0.000 Accepted
ENC->ATT->GPB H4a 0.142 0.031 4.534 0.000 Accepted
GPV->ATT->GPB H4b 0.053 0.023 2.272 0.023 Accepted
PC->GPB H5 -0.283 0.053 5.323 0.000 Accepted
Moderating ATT*PC->GPB H6 -0.142 0.044 3.231 0.001 Accepted
Note. Result of the research at p-value=5%.

Table 4 indicates that all hypotheses should be accepted at the 5% significance level,
consistent with the findings of previous research. ENC has a positive impact on ATT
(H1; β = 0.444; p < .005), in line with the findings of Hamzah and Tanwir (2021)

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and Duong et al. (2022). Similarly, support for the beneficial effect of GPV on ATT (β
= 0.165; p < .005) confirms H2, which is consistent with previous research by Arora
and Manchanda (2022). The results also indicate a direct relationship between ATT
and GPB (H3; β = 0.320; p < .005), which aligns with the results stated by Amoako et
al. (2020). Furthermore, ATT was found to act as a mediator between ENC and GPB
(β=0.142; p < 0.005), as well as between GPV and GPB (β=0.053; p < .005), confirm-
ing H4a and H4b. The findings of Ogiemwonyi et al. (2023) and Roh et al. (2022)
support this result. PC has a negative correlation with GPB (β = −0.283; p < .005), con-
firming H5 and indicating that consumers care more about price than other potential
green product benefits (Alford & Biswas, 2002).

Figure 2
The Moderated Effect of Price Consciousness

5,000
4,500
4,000
Green Purchase Behavior

3,500
3,000
2,500
2,000
1,500
1,000 Low Price consciousness
0,500
High Price consciousness
0,000
Low Attitude toward green products High Attitude toward green products

The estimation evidence also confirms H6, finding that PC plays a moderating role
in the relationship between ATT and GPB (β = −0.142; p < .005). More precisely, in-
creased expenses associated with green items might decrease the purchase probability
for customers who prioritise or are sensitive to pricing (Bezawada & Pauwels, 2013; Van
Doorn & Verhoef, 2015). This finding confirms prior studies that have demonstrated
price is an important factor in customer decision-making (Van Doorn & Verhoef, 2015;
Yadav & Pathak, 2017). Figure 2 shows that PC significantly modulates the relationship
between ATT and GPB. The regression line displays a more pronounced negative asso-
ciation between ATT and GPB when the PC increases. In other words, environmentally
committed individuals in Generation Z with low price consciousness can more effec-
tively convert their attitudes into green purchasing decisions. Anticipated higher costs
associated with green products may hinder customers who prioritise their budget (Beza-
wada & Pauwels, 2013); price consciousness appears to limit Generation Z’s willingness
to pay for expensive green options when affordable competing products are available.

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Green Perceived Value and Green Purchase Behaviour: The Moderating Role of Price Consciousness

5. Implications
5.1 Theoretical Implications
This study contributes valuable theoretical insights by exploring the impact of personal
values and price consciousness on green purchasing attitudes and actual purchasing
behaviours.
Firstly, the study uses the VAB framework, which is seldom used for analysing green
consumption in the Vietnamese context. The limited amount of research on the VAB
framework in emerging markets, specifically about environmentally friendly products,
represents a theoretical deficiency in the existing literature (Kautish et al., 2023). This
study enhances the VAB framework by thoroughly analysing the trade-offs that arise
from opposing personal factors (e.g., customers who prioritize environmental concerns
but are unwilling to pay extra for environmentally friendly products due to their high
cost).
Secondly, previous studies that have used the VAB framework (Homer & Kahle,
1988) mostly looked at marketing issues, not taking into account the importance of
both environmental concerns (Leary et al., 2014) and perceived values (Biswas & Roy,
2015). The present study adds to the existing knowledge by looking at how ENC and
GPV affect behaviour and attitudes in a developing market. Analysing customers’ per-
ceptions of green products, as well as their actual buying behaviours, allows us to bet-
ter understand the disparities between attitude and behaviour. The results emphasise
that a stronger sense of ENC and GPV can encourage positive attitudes toward green
products (Hamzah & Tanwir, 2021; Woo & Kim, 2019) and behaviours (Newton et
al., 2015; Roh et al., 2022). However, to convert this positive mindset into actual pur-
chases, the affordability problem must be tackled, especially for customers in develop-
ing countries with limited budgets.
Lastly, the approach improves our understanding of the role attitudes play in the
complex connections between environmental and product-related concerns and ac-
tual action. Moderation analysis highlights that price consciousness negatively impacts
the consumers’ likelihood of buying environmentally friendly products (Sun & Wang,
2020), while personal values have a positive attitude towards eco-friendliness. This
study greatly improves our understanding of the various factors that drive or hinder
sustainable consumption from several perspectives.

5.2 Managerial Implications

In addition to theoretical implications, the empirical findings of this study also provide
significant information and recommendations for professionals in the green industry.
First, our findings highlight that consumers who choose green products consider
more than just environmental factors; they also appraise the product or service based

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on its alignment with their personal needs and preferences. It is important that green
enterprises design and provide green solutions that deliver mindful personal advan-
tages (Le et al., 2019). According to Bassiouni and Hackley (2014), marketing meth-
ods focused on the younger generation should prioritise promoting the climatic and
environmental advantages connected with green products as a means of successfully
activating their environmental consciousness.
Second, we demonstrate that ENC and GPV significantly influence individuals’ at-
titudes and purchasing behaviours. Price factors remain relevant and influence search
intentions beyond perceived value (Alford & Biswas, 2002). Green companies should
invest in research and innovation to enhance the quality and efficiency of their prod-
ucts. Approaches that aim to reduce consumer price consciousness, such as empha-
sising long-term benefits and offering subsidies or instalment payment options, have
the potential to produce positive results (Le et al., 2019). In addition, advertising that
emphasises the social prestige and personal accomplishments associated with green
products may appeal to environmentalist consumers.
Lastly, marketers must have a complete understanding of all components of the model
to effectively manage personal values and the significant association between attitude
and behaviour. Classifying consumers based on their ENC and GPV can help efficiently
target customers and understand their green buying behaviour. Research and develop-
ment projects and the formation of distribution partnerships are two strategies to sup-
port the improvement of easily available green solutions (Jamali et al., 2021; Sharma &
Iyer, 2012). Policymakers should provide financial, technological and linkage assistance
to firms involved in the manufacture of green products in order to lower costs and remove
barriers to consumption. The promotion of competitively priced green manufacturing
and accessibility demands a joint effort between governments and industry partners.

6. Limitations and Directions for Future Study

Although analysing consumer behaviours related to green products, in general, can
provide useful information, it is important to recognise that reasons for purchase deci-
sions can vary dramatically between individual product categories, such as green food,
textiles and skincare items. Adopting a focused strategy and investigating consumer
decision-making processes within specific green product categories could improve fu-
ture research efforts. Additionally, the geographical concentration of the present study
in major Vietnamese cities (Hanoi, Danang and Ho Chi Minh City) and the use of
convenience sampling to specifically target Generation Z consumers may restrict the
generalisability of its findings, though it does offer valuable initial observations on the
subject. Further study using varied samples and methodologies is crucial to providing
a more detailed description of green consumption. Subsequent studies should also in-
vestigate the psychological and social aspects linked to the phenomenon. The inclusion
of evaluations of multidimensional perceived value and pro-environmental conduct

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 Dinh Van Hoang, Le Thanh Tung. Relationship Between Environmental Concern,
Green Perceived Value and Green Purchase Behaviour: The Moderating Role of Price Consciousness

would improve the comprehension of the complex factors at play in this situation. Fi-
nally, a thorough analysis of various theoretical frameworks could help to explain the
disparity between attitudes and actions reported in the present study.

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