Linking Consumer Innovativeness to the Cryptocurrency Intention: Moderating Effect of the LOHAS (Lifestyle of Health and Sustainability) Lifestyle
by Sooyeon Choi1,* , Richard A. Feinberg 2
1 Marketing, Loras College, IA, 52001, U.S.
2 Consumer Sciences and Retailing, Purdue University, IN, 47907, U.S.
* Author to whom correspondence should be addressed.
Journal of Engineering Research and Sciences, Volume 1, Issue 12, Page # 1-8, 2022; DOI: 10.55708/js0112001
Keywords: Cryptocurrency, consumer innovativeness, LOHAS, Lifestyle of health and sustainability, attitude, intention
Received: 12 August 2022, Revised: 24 September 2022, Accepted: 26 September 2022, Published Online: 21 December 2022
APA Style
Choi, S., & Feinberg, R. A. (2022). Linking Consumer Innovativeness to the Cryptocurrency Intention: Moderating Effect of the LOHAS (Lifestyle of Health and Sustainability) Lifestyle. Journal of Engineering Research and Sciences, 1(12), 1–8. https://doi.org/10.55708/js0112001
Chicago/Turabian Style
Choi, Sooyeon, and Richard A. Feinberg. “Linking Consumer Innovativeness to the Cryptocurrency Intention: Moderating Effect of the LOHAS (Lifestyle of Health and Sustainability) Lifestyle.” Journal of Engineering Research and Sciences 1, no. 12 (December 1, 2022): 1–8. https://doi.org/10.55708/js0112001.
IEEE Style
S. Choi and R. A. Feinberg, “Linking Consumer Innovativeness to the Cryptocurrency Intention: Moderating Effect of the LOHAS (Lifestyle of Health and Sustainability) Lifestyle,” Journal of Engineering Research and Sciences, vol. 1, no. 12, pp. 1–8, Dec. 2022, doi: 10.55708/js0112001.
Cryptocurrency is gaining worldwide recognition. This research examines the role of personality and psychological factors in consumers’ cryptocurrency adoption behavior. 452 samples are collected from U.S consumers and the data are analyzed by PLS-SEM. The findings reveal that consumer innovativeness has a positive influence on the intention to use cryptocurrency and its impact is partially mediated by attitude. The LOHAS lifestyle moderated the influence of consumer innovativeness on the cryptocurrency intention as well as the relation of attitude with the intention. This research provides theoretical and practical implications for the cryptocurrency market.
A. Tavasoli, “Investigating, Choosing and Prioritizing the Challenges of Using Crypto currencies in Global Transactions,” Agricultural Marketing and Commercialization Journal, vol. 4, no. 1, pp. 13–24, 2020.
Davidson, “The Digital Coin Revolution – Crypto Currency – How to Make Money Online – Google Books.” https://www.google.com/books/edition/The_Digital_Coin_Revolution_Crypto_Curre/yn4pAwAAQBAJ?hl=en&gbpv=1&dq=Davidson+and+Naveed,+2013&pg=PT5&printsec=frontcover . (accessed: 04-Jul-2022).
H. T. M. Gamage, · H D Weerasinghe, · N G J Dias, “A Survey on Blockchain Technology Concepts, Applications, and Issues,” SN Computer Science, vol. 1, pp. 114, 2020, doi:10.1007/s42979-020-00123-0.
S. Sukumaran, T. S. Bee, S. Wasiuzzaman, “Cryptocurrency as an Investment: The Malaysian Context,” Risks, vol. 10, no. 4, 2022, doi:10.3390/risks10040086.
Supply Chain Game Changer, “Why is Cryptocurrency Rising in Popularity?” https://supplychaingamechanger.com/why-is-cryptocurrency-rising-in-popularity/ . (accessed: 04-Jul-2022).
Insider Intelligence, “34 Million US adults own cryptocurrency.” https://www.insiderintelligence.com/insights/us-adults-cryptocurrency-ownership-stats . (accessed: 04-Jul-2022).
S. Choi, R. A. Feinberg, “The lohas (Lifestyle of health and sustainability) scale development and validation,” Sustainability (Switzerland), vol. 13, no. 4, pp. 1–17, 2021, doi:10.3390/su13041598.
K. Bilharz, M., & Schmitt, “Going Big with Big Matters: The Key Points Approach to Sustainable Consumption,” GAIA-Ecological Perspectives for Science and Society, pp. 232–235, 2011.
K. Pícha, J. Navrátil, “The factors of Lifestyle of Health and Sustainability influencing pro-environmental buying behaviour,” Journal of Cleaner Production, vol. 234, pp. 233–241, 2019, doi:10.1016/j.jclepro.2019.06.072.
T. Ning, “LOHAS Retail & Tech Trends.” http://www.thelohasgroup.com/news/2013/11/5/lohas-retail-tech-trends . (accessed: 04-Jul-2022).
O. S., “LOHAS Market Research.” https://askwonder.com/research/lohas-market-research-brgpmi96r .
A. Sousa et al., “Cryptocurrency adoption: a systematic literature review and bibliometric analysis,” , doi:10.1108/EMJB-01-2022-0003.
J. Cruz-Cárdenas et al., “Drivers of technology readiness and motivations for consumption in explaining the tendency of consumers to use technology-based services,” 2020, doi:10.1016/j.jbusres.2020.08.054.
J. Cotte, S. L. Wood, “Families and innovative consumer behavior: A triadic analysis of sibling and parental influence,” Journal of Consumer Research, vol. 31, no. 1, pp. 78–86, 2004, doi:10.1086/383425/0.
G. Roehrich, “Consumer innovativeness Concepts and measurements,” , doi:10.1016/S0148-2963(02)00311-9.
J.-B. E. M. Steenkamp, M. Wedel, “A Cross-National Investigation into the Individual and National Cultural Antecedents of Consumer Innovativeness,” Journal of Marketing, vol. 63, no. 2, pp. 55–69, 1999.
J. Bartels, M. J. Reinders, “Consumer innovativeness and its correlates: A propositional inventory for future research Keywords: Consumer innovativeness Propositional inventory Systematic literature review Innate innovativeness Domain-specific innovativeness Innovative behavior,” 2010, doi:10.1016/j.jbusres.2010.05.002.
A. Strebinger et al., “Profiling early adopters of blockchain-based hotel booking applications: demographic, psychographic, and service-related factors,” vol. 24, pp. 1–30, 2022, doi:10.1007/s40558-021-00219-0.
A. Nazifi et al., “A Bit(coin) of happiness after a failure: An empirical examination of the effectiveness of cryptocurrencies as an innovative recovery tool,” Journal of Business Research, vol. 124, pp. 494–505, 2021, doi:10.1016/j.jbusres.2020.11.012.
D. Kbilashvili, “Influence of E-Commerce and Cryptocurrency on Purchasing Behavior of Wine Customers,” Type: Double Blind Peer Reviewed International Research Journal Publisher: Global Journals Online, vol. 18, no. 3, pp. 0–4, 2018.
Icek Ajzen, “From Intentions to Actions: A Theory of Planned Behavior,” in Action Control, ed J. Kuhl, J., Beckmann (Springer, Berlin, Heidelberg, 1985), 11–39, doi:10.1007/978-3-642-69746-3_2.
D. F. Midgley, G. R. Dowling, “Innovativeness: The Concept and Its Measurement,” Journal of Consumer Research, vol. 4, no. 4, pp. 229, 1978, doi:10.1086/208701.
J. Jansson, W. O. Library, “Consumer Eco-Innovation Adoption: Assessing Attitudinal Factors and Perceived Product Characteristics,” Business Strategy and the Environment, vol. 20, pp. 192–210, 2011, doi:10.1002/bse.690.
E. C. Hirschman, “Innovativeness, Novelty Seeking, and Consumer Creativity,” Journal of Consumer Research, vol. 7, no. 3, pp. 283, 1980, doi:10.1086/208816.
J. A. Mehrabian, A., & Russell, An approach to environmental psychology (The MIT Press, 1974).
P. A. Dabholkar, R. P. Bagozzi, “An Attitudinal Model of Technology-Based Self-Service: Moderating Effects of Consumer Traits and Situational Factors,” Journal of the Academy of Marketing Science, vol. 30, no. 3, pp. 184–201, 2002.
R. Thakur, A. Angriawan, J. H. Summey, “Technological opinion leadership: The role of personal innovativeness, gadget love, and technological innovativeness,” Journal of Business Research Technological, vol. 69, pp. 2764–2773, 2016, doi:10.1016/j.jbusres.2015.11.012.
I. Ajzen, “The theory of planned behavior,” Organizational Behavior and Human Decision Process, vol. 50, pp. 179–211, 1991, doi:10.1080/10410236.2018.1493416.
I. Fishbein, M., & Ajzen, Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research (Reading, MA: Addison-Wesley, 1975).
M. K. Anser et al., “Social media usage and individuals’ intentions toward adopting Bitcoin: The role of the theory of planned behavior and perceived risk,” International Journal of Communication Systems, vol. 33, no. 17, pp. e4590, 2020, doi:10.1002/DAC.4590.
H. Albayati, S. K. Kim, J. J. Rho, “Accepting financial transactions using blockchain technology and cryptocurrency: A customer perspective approach,” Technology in Society, vol. 62, pp. 101320, 2020, doi:10.1016/j.techsoc.2020.101320.
C. Yoon, “Theory of Planned Behavior and Ethics Theory in Digital Piracy: An Integrated Model,” Journal of business ethics, vol. 100, no. 3, pp. 405–417, 2011, doi:10.1007/s10551-010-0687-7.
S. A. Al-Jundi, A. Shuhaiber, R. Augustine, “The mediating effect of leader–member exchange in relationship with emotional intelligence, job satisfaction, and turnover intention,” Cogent Business & Management, vol. 6, no. 1, pp. 1698849, 2019, doi:10.1080/23311975.2019.1698849.
J. Hwang, J. J. Kim, K.-W. Lee, “Investigating consumer innovativeness in the context of drone food delivery services: Its impact on attitude and behavioral intentions,” Technological Forecasting & Social Change, vol. 163, 2021, doi:10.1016/j.techfore.2020.120433.
X. He, W. Zhan, “How to activate moral norm to adopt electric vehicles in China? An empirical study based on extended norm activation theory,” Journal of Cleaner Production, vol. 172, pp. 3546–3556, 2018, doi:10.1016/j.jclepro.2017.05.088.
J.-C. Hong, P.-H. Lin, P.-C. Hsieh, “The effect of consumer innovativeness on perceived value and continuance intention to use smartwatch,” Computers in Human Behavior, vol. 67, pp. 264e272, 2017, doi:10.1016/j.chb.2016.11.001.
Mİray Baybars and Ketİ Ventura, Understanding new consumers through the lense of a promising market segement: LOHAS, vol. 59, (Newcastle: Cambridge Scholars Publishing, 2020).
Natural Marketing Institute (NMI), “20th Edition Consumer Report, 2020 Health & Wellness Trends in America.” https://www.nmisolutions.com/research-reports/health-wellness-reports/20th-edition-consumer-report-2020-health-wellness-trends-in-america/ . (accessed: 05-Jul-2022).
Howard, “LOHAS consumers are taking the world by storm,” Total Health, vol. 29, no. 3, pp. 58, 2007.
S. Heidenreich, M. Handrich, “Adoption of technology-based services: the role of customers’ willingness to co-create,” Journal of Service Management, vol. 26, no. 1, pp. 44–71, 2015, doi:10.1108/JOSM-03-2014-0079.
R. M. Stock, P. Oliveira, E. Von Hippe, “Impacts of Hedonic and Utilitarian User Motives on the Innovativeness of User-Developed Solutions,” Journal of Product Innovation Management, vol. 32, no. 3, pp. 389–403, 2015, doi:10.1111/JPIM.12201.
J. B. E. M. Steenkamp, K. Gielens, “Consumer and Market Drivers of the Trial Probability of New Consumer Packaged Goods,” Journal of Consumer Research, vol. 30, no. 3, pp. 368–384, 2003, doi:10.1086/378615.
B. A. S. Martin et al., “Dark personalities and Bitcoin®: The influence of the Dark Tetrad on cryptocurrency attitude and buying intention,” Personality and Individual Differences, vol. 188, pp. 111453, 2022, doi:10.1016/j.paid.2021.111453.
S. Abramova, R. Böhme, “Perceived Benefit and Risk as Multidimensional Determinants of Bitcoin Use: A Quantitative Exploratory Study,” International Conference on Information Systems, 2016.
F. Kressmann et al., “Direct and indirect effects of self-image congruence on brand loyalty,” Journal of Business Research, vol. 59, pp. 955–964, 2006, doi:10.1016/j.jbusres.2006.06.001.
J. F. Hair et al., “An assessment of the use of partial least squares structural equation modeling in marketing research,” Journal of Academy of Marketing Science, vol. 40, pp. 414–433, 2012, doi:10.1007/s11747-011-0261-6.
R. R. Henseler, J., Ringle, C. M., & Sinkovics, “The use of partial least squares path modeling in international marketing,” Advances in International Marketing, vol. 20, pp. 277–319, 2009, doi:10.1108/S1474-7979(2009)0000020014.
J. F. Hair et al., “When to use and how to report the results of PLS-SEM,” European Business Review, vol. 31, no. 1, pp. 2–24, 2019, doi:10.1108/EBR-11-2018-0203.
J. Hair et al., “An updated and expanded assessment of PLS-SEM in information systems research,” Industrial Management & Data Systems, vol. 117, no. 3, pp. 442–458, 2017, doi:10.1108/IMDS-04-2016-0130.
J. Henseler, M. Sarstedt, “Goodness-of-fit indices for partial least squares path modeling,” Comput Stat, vol. 28, pp. 565–580, 2013, doi:10.1007/s00180-012-0317-1.
J. F. Hair, M. C. Howard, C. Nitzl, “Assessing measurement model quality in PLS-SEM using confirmatory composite analysis,” Journal of Business Research, vol. 109, pp. 101–110, 2020, doi:10.1016/J.JBUSRES.2019.11.069.
J. Cohen, Statistical Power Analysis for the Behavioral Sciences (New York: Routledge, 1988).
J. Henseler, G. Hubona, P. A. Ray, “Using PLS path modeling in new technology research: updated guidelines,” Industrial management & data systems, vol. 116, no. 1, pp. 2–20, 2016, doi:10.1108/IMDS-09-2015-0382.
J. Cruz-Cárdenas et al., “Role of demographic factors, attitudes toward technology, and cultural values in the prediction of technology-based consumer behaviors: A study in developing and emerging countries,” Technological Forecasting & Social Change, vol. 149, pp. 119768, 2019, doi:10.1016/j.techfore.2019.119768.
J. M. James, L. R., & Brett, “Mediators, moderators, and tests for mediation,” Journal of Applied Psychology, vol. 69, no. 2, pp. 1–48, 1984.
Natural Marketing Institute (NMI), “Understanding the TM LOHAS Market Report.” 2008.
Deloitte, “The rise of using cryptocurrency in business.” https://www2.deloitte.com/us/en/pages/audit/articles/corporates-using-crypto.html . (accessed: 04-Jul-2022).
Deloitte, “Corporates using crypto_Conducting business with digital assets,” pp. 1–17, 2019.
Deloitte, “Can Crypto Add Value to Business Operations?” https://deloitte.wsj.com/articles/can-crypto-add-value-to-business-operations-01624388526 . (accessed: 05-Jul-2022).
A. Ergüven, M., & Yilmaz, “The first glocal lifestyle “LOHAS “: a study in Thrace,” The Journal of Academic Social Science Studies, vol. 51, pp. 265–275, 2016, doi:10.9761/JASSS3715.
S. Erdogan et al., “Analyzing asymmetric effects of cryptocurrency demand on environmental sustainability,” Environmental Science and Pollution Research, vol. 29, no. 21, pp. 31723–31733, 2022, doi:10.1007/s11356-021-17998-y.