key: cord-1027664-t63n3i07
authors: Cui, Yuting; Lissillour, Raphael; Chebeň, Juraj; Lančarič, Drahoslav; Duan, Chunlin
title: The position of financial prudence, social influence, and environmental satisfaction in the sustainable consumption behavioural model: Cross‐market intergenerational investigation during the Covid‐19 pandemic
date: 2022-02-08
journal: Corp Soc Responsib Environ Manag
DOI: 10.1002/csr.2250
sha: e9ea926179cf0905de301f4813910c89e8c7243b
doc_id: 1027664
cord_uid: t63n3i07

The main purpose of this study is to gain an in‐depth understanding of the impact of financial prudence (FIN) on social influence and environmental satisfaction in the sustainable consumption (SC) behavioural model from a cross‐market intergenerational perspective in the context of COVID‐19. Surprisingly, we discovered that, during the COVID‐19 pandemic, significant differences emerge between the Chinese and European markets in the four factors (social influence, SC behaviour, environmental satisfaction, and FIN). Unpredictably, Generation X in the European market and Generation Y in the Chinese market had the highest FIN during the pandemic. Another substantial contribution is that, during the epidemic, the influence of social interaction promotes SC behaviour and social influence motivates users to implement SC behaviours by enhancing environmental satisfaction. However, differences arise in the moderating effect of FIN. In China, the moderating effect occurs in the relationship between social influence and SC behaviour, whereas, in Europe, it reflects in the relationship between social influence and environmental satisfaction.

prevalent lifestyle based on having abundant resources, a view which is ripe for deconstruction due to the COVID-19 pandemic (Cohen, 2020) . With the advent of big data, artificial intelligence, and the sharing economy, the pressure for more sustainable development, the methods of production, and service delivery have changed, further promoting SC behaviour by the general public (Farooq Baqal & Abdulkhaleq, 2018; Chi et al., 2020; Zhen & Xu, 2019) . Moreover, companies considering investments in CSR (corporate social responsibility) are advised to focus more on SC and production (Poddar et al., 2019) and to increase organisational trust and identification.

Especially in culturally plural organisations (Lissillour & Wang, 2021) , organisational trust and identification play an important role in the impact of CSR on employee green behaviour (May et al., 2021) .

SC behaviour is a result of conflicting objectives in purchasing decisions, but the combined influence of non-environmentally related factors have not yet been explored (Testa et al., 2020) . As many researchers have found contrasting results for SC in the environmental dimension, Balderjahn et al. (2013) and Dangelico et al. (2021) strongly encourage cross-country comparisons of environmental consumer behaviour. Future research on the environmental dimension of sustainable development should deepen understanding of the motivations that drive green consumption (Hojnik et al., 2020) . Contrasting results on the impact of social influence on pro-environmental behaviour (PEB) led Alzubaidi et al. (2021) to call for research examining contextual factors that might influence consumer intentions to adopt PEBs. According to Lazaric et al. (2019) , future research could explore in more depth the weight of the regional context in the impact of social influence on environmental awareness and SC. Because the financial dimension of SC behaviour dominates the environmental dimension, further research should investigate more thoroughly the conditions in which consumers behave in a way that is more environmentally friendly (Jaeger-Erben et al., 2021) . Furthermore, Liu et al. (2020) suggest that research should focus on motives that continuously engage participants in the process of giving and receiving used goods as an example of consumer satisfaction. The giving and receiving of used goods fully support the idea of SC. Chang and Chuang (2021) have been calling for more research on consumers' recognition of cheaper alternative products and services, consumers' attitude towards social, environmental, and ecological concerns and their motifs towards environmental and social benefits. Moreover, Ramkumar et al. (2021) , who studied consumer perception towards circular fashion services, suggest the further investigation of stakeholder engagement in products and services resulting from the circular economy. Therefore, increasing calls for research led us to investigate the relationship between different variables of SC (FIN, social influence, environmental satisfaction) across geographic areas and across generations.

The main purpose of this study is to gain an in-depth understanding of the impact of FIN on social influence and environmental satisfaction in the SC behavioural model from a cross-country intergenerational perspective in the context of COVID-19.

The current study makes several contributions to the literature.

First, many studies do not employ a systematic approach to SC that is grounded in an integration of social, environmental, and economic characteristics (Balderjahn et al., 2013; Phipps et al., 2013; Piligrimienė et al., 2020) . Mindful consumption is a customer-centric approach to sustainability that considers the interdependence of a consumer's environmental, personal, and economic well-being (Sheth et al., 2011) . Only a few studies have investigated the relationship between all three main dimensions of SC (Balderjahn et al., 2013; Geiger et al., 2018; Gleim, Smith, Andrews, & Cronin, 2013; Ozaki & Sevastyanova, 2011; Phipps et al., 2013) . Outside of the field of SC, the field of CSR could also serve as a generator of value for consumers (Currás-Pérez et al., 2018) and provide researchers with additional idea about social, environmental and economic dimensions that play a key role in consumers' decision-making process. CSR practices may also shape consumer's purchasing behaviour where environmental protection looks the most influential with mediating role of con-sumers´trust (Tian et al., 2020) . We build on these studies, studies focused on the social and the environmental dimensions of SC (Jansson et al., 2017; Quoquab et al., 2019; Shao et al., 2017; Ionescu, 2020; Testa et al., 2020) , and studies calling for further research in analysing the position of three modified dimensions in sustainable consumer behaviour.

Second, this study makes another contribution to the existing literature by proposing a model of SC in which FIN (Bakar et al., 2020; Hibbert et al., 2004; Yuesti et al., 2020 ) plays a moderating role by influencing the relation between social influence (Goldsmith & Goldsmith, 2011; Lazaric et al., 2019; Rashotte, 2007) and environmental satisfaction and between social influence and sustainable consumer behaviour.

We test our research model, avoiding the most common limitations, such as geographic limitations, small sample size limitations, or a focus on a specific generation. This study is based on a sample of 3771 consumers in Europe and China and compares SC across four generations (Gen Z, Gen Y, Gen X, and baby boomers).

Finally, we study the roles of social influence, environmental satisfaction, and FIN in SC by consumers who did and did not change their consumption patterns during the COVID-19 pandemic.

The paper is structured as follows. First, a literature review on the factors affecting SC is presented, organised into sections on SC, intergenerational and intercultural perspectives on SC, and social influence, environmental satisfaction, and FIN. Next, a conceptual framework with hypotheses is outlined in the methodological section, including the sample, operationalisation of variables, and analytical methods. Afterwards, we present the research results and discuss the theoretical and practical implications of our framework. Finally, we highlight the main conclusions and limitations and suggest possible avenues for future research. The use of goods and services that respond to basic needs and enable a better quality of life, while minimising the use of natural resources, toxic materials, and emissions of waste and pollutants over the life cycle, so as not to jeopardise the needs of future generations.

Intergenerational issues, production, and consumption 1997 Jiadong Yang & Xingfang Qin (Yang & Qin, 1997) Consumption that conforms to the principles of intergenerational justice and intra-generational justice, which can ensure the continuous evolution of human material and spiritual life from a low to a high level and promote the achievement of sustainable development strategies. (Wier et al., 2005) Human consumption behaviour and its impact on the environment; resources can be reflected in the direct and indirect impacts of the family-centric social unit on the environment. (Young et al., 2010) In the same broad sense as 'green', 'environmental', and 'ethical' consumption, these consumers prefer products or services that do the least harm to the environment, as well as those that support forms of social justice. (Zhen & Xu, 2019) In the context of the sharing economy, the ethical core of sustainable consumption is embodied in the efficient aggregation of idle resources on a shared platform, enabling consumers and suppliers to achieve precise docking, and achieving intragenerational and inter-generational fairness in consumption. Before the outbreak of COVID-19, the main hot topics discussed in the study of SC behaviour included the classification and development of the concept of SC behaviour (Belz & Peattie, 2009; Dong et al., 2012; Liu, 2016; Yang & Qin, 1997) and the influence of social structural factors (Li & Li, 2017; Zhou & Shen, 2020) and psychological factors (Sidique et al., 2010; Thøgersen & Ölander, 2002) , and other external intervention factors (Egmond et al., 2006; Goldsmith & Goldsmith, 2011; Xie & Liu, 2018) on SC behaviour as well as research on the impact of shared or second-hand products on SC in emerging markets (Liu et al., 2020; Chi et al., 2020; Zhen & Xu, 2019) . However, the COVID-19 pandemic interrupted progress towards attaining the sustainable development goals (Perkins et al., 2021) . The impact of the awareness of SC on behaviour became the prevalent topic (He & Liu, 2021; Severo et al., 2021; Sun et al., 2021) . The research on supply chain management of SC and technological innovation Lopes de Sousa Jabbour et al., 2020) in this period attracted attention. During the COVID-19 pandemic, new consumption patterns and lifestyles have stimulated consumers to engage in SC (Degli Esposti et al., 2021) . Therefore, the COVID-19 pandemic can be used as a catalytic event to enhance people's SC behaviour, from the macro-level political (e.g., economic and cultural aspects) (Wells et al., 2020) to the micro level, such as personal lifestyle (Echegaray, 2021) .

In conclusion, research on the concept and influencing factors of SC behaviour is becoming more comprehensive, but there is still room for research to explore the changes during COVID-19, notably in terms of generational theory, environmental satisfaction, and FIN.

2.2 | Intergenerational perspectives on SC Mannheim (1970) believes that the modes of thinking and values of different generational groups are influenced by social, historical, and political factors, which result in significant behavioural differences.

Therefore, when consumption behaviour is studied, it is necessary to analyse the distinct patterns that characterise generational groups.

Based on the standards for the classification of intergenerational differences in SC in previous studies (Chaney et al., 2017; Dabija & Bejan, 2018) , we use the following classification: the world crisis generation (born before 1946), baby boomers (1946) (1947) (1948) (1949) (1950) (1951) (1952) (1953) (1954) (1955) (1956) (1957) (1958) (1959) (1960) (1961) (1962) (1963) (1964) , Generation X (1965 -1980 ), Generation Y (1981 -1996 ), and Generation Z (1997 . Are there any intergenerational differences in SC behaviour between China and Europe?

In China, differences in generational consumption are influenced by the concept of intergenerational support. Parents' educational expectations for their children affect the family's 'downward' intergenerational support. The expectations of parents of high-quality education for their children have a significant impact on the consumption expenditure of the next generation (Zhang, 2019) . Prior research on differences in intergenerational consumption has explored the differences in intergenerational consumption based on the dynamic monitoring of Chinese migrants and finds that the younger generation has greater consumption potential than prior generations (Wang & Deng, 2021) . Affected by the epidemic, older generations became more committed to organic food. Younger generations' attitude towards game meat is more negative, whereas older generations attach more importance to it because of its nutritional and medicinal value (Xie et al., 2020) . Moreover, parents' ecological knowledge and consumption behaviour influence their children's green consumption intention (Gong et al., 2020) .

In Europe, some scholars have confirmed that Generation Z is more inclined to accept sustainable behaviour than other generations of consumers (Suchanek & Szmelter-Jarosz, 2019) . In France, a study finds that the relationship between perceived consumer effectiveness and the purchasing intention for environmentally responsible products is stronger for Generation X, while media exposure has a bigger impact on Generation Y (Ivanova et al., 2019) . Other studies find that Generation Y (millennials) are more enthusiastic about purchasing the right to use (renting or shared use) rather than purchasing ownership (Hwang & Griffiths, 2017 In addition, the separation of product ownership and use rights under the sharing economy promotes the sustainability of the consumption process. Furthermore, the value creation process based on collaboration and co-creation implements the consumer's concept of sustainable consumption.

financially prudent and literate (Deloitte, 2020 

What is the role of social influence in the transition from SC consciousness to SC behaviour? The characteristic of social influence is that disseminating information causes people to increasingly consider interactions with other individuals or social groups (Rashotte, 2007) .

Based on the social influence theory put forward by Deutsch and Gerard (1955) , social norms and social consensus direct public attention and lead consumers to imitate behavioural intentions (Nolan et al., 2008; Reynolds et al., 2015; Testa et al., 2018) . Social influence provides consumers with information and the motivation to form or imitate new attitudes and adopt behaviours that are accredited by the public (Alzubaidi et al., 2021; Goldsmith & Goldsmith, 2011) . SC as a new behavioural intention or behavioural practice has become an important driving force in the expansion of interpersonal relationships in social communication (Robertson, 1967) . In a recent study based on data in Saudi Arabia, consumer intentions were found to have a significant effect on indirect PEBs and direct PEBs (Alzubaidi et al., 2021) .

Thus, it drives further efficiency in the conversion of SC intention into behaviour (Salazar et al., 2013) in social networks. When consumers become aware of changing or maintaining their patterns of SC, they will be more likely to strengthen their own behavioural tendencies, disseminate related cognitive structures and practical processes, and influence the decisions of others (Froome et al., 2010) . In addition, the action intention of opinion leaders and the forerunners of SC transform the behaviour intention into behaviour practice through communication media and the endorsement of their own behaviour practice, which then spreads to the interpersonal network, resulting in more imitation and convergence (Froome et al., 2010 (Lazaric et al., 2019; . The most discussed social relationships are those among family, friends, and government authorities.

We can observe differences in the relationship between social influence and consumer behaviour among different groups of people.

Some studies show that the family is better than the government at promoting sustainable consumer behaviour (Goldsmith & Goldsmith, 2011) , while other studies confirm that peers (e.g., colleagues, family, and friends) have a positive impact on SC (Salazar et al., 2013) . Some experiments analyse the purchasing behaviour of members of different social groups (peers, colleagues, family members, and friends) and find that diverse interpersonal rela- However, research on the relationship between social influence and SC behaviour does not take into account the differences between countries and generations at the same time. In addition, the COVID-19 pandemic has led to tremendous changes in life and work styles towards the increased use of digital channels and technologies (Kannan, 2020; Lazaric et al., 2019; . The importance of online social networking has become increasingly prominent in SC behaviour (Severo et al., 2021) . Therefore, we hypothesise: 

Environmental satisfaction has different conceptual connotations across disciplines but mainly consists of individual responses to the natural environment and to government environmental policies . In this study, environmental satisfaction refers to consumers' willingness to contribute to protecting the environment and to their satisfaction regarding their environmental responsibility. In recent studies, this phenomenon is called 'green experience satisfaction', conceptualised as an important dimension of the relationship between brand quality and consumers (Wu et al., 2018) . Education on the concept of sustainability regards environmental protection behaviour as having achieved a social consensus . Environmental responsibility represents a person's perception of environmentally friendly behaviour, which can significantly increase a customer's willingness to consume sustainably (Liu et al., 2012) . So, after the awareness of SC is widely reflected in social norms and public opinion, consumers make product choices by weighing the utility they receive against the ethical behaviour or consensus (environmental satisfaction) expected from certain social groups (Conrad, 2005) . Further, researchers have proposed how to promote SC behaviour by influencing consumers' selfperception. That is when people come to see themselves as 'consumers willing to make an effort for the sake of the environment', and their sense of satisfaction in environmental protection increases, which will promote SC behaviour (Cornelissen et al., 2008) . Therefore, this paper holds that environmental satisfaction is the bridge between environmental cognition and environmentally friendly behaviour.

Studies on the relationship between environmental cognition and EB have produced a variety of results. Earlier research found that the relationship between cognition and behaviour is not significant or weak (Almeida et al., 2015; Grob, 1995) , and new studies believe that it has a significantly positive influence (Wang & Tou, 2021) . This may be influenced by the environment, culture, product price, product quality, and other factors. For example, in Brazil, Gen Y scores significantly lower than the other generations in a comparison of environmental awareness in the social networks of baby boomers, Generation X, and Generation Y (Severo et al., 2019) . Social influence changes consumers' awareness of SC (Salazar et al., 2013) , which in turn is likely to lead to a sense of responsibility, environmental protection, and, consequently, to higher environmental satisfaction (Liu et al., 2012) .

The outbreak of the COVID pandemic attracted more attention to environmental problems and influenced consumer behaviour (Butu et al., 2020; Li & Wu, 2020; Sun et al., 2021) . A study on Chinese fashion consumers during the pandemic found that those with higher awareness of sustainable fashion felt more moral anxiety (Du et al., 2020) . Among the groups of consumers with the highest awareness of sustainable fashion, 74% felt anxious about the negative environmental impact of their consumption. An increasing number of consumers with high awareness of sustainability is practising 'conscientious consumption', which means consuming in a way that reduces harm to the environment or supports public welfare (Du et al., 2020) .

Based on data from the Chinese market, prior research found that a sense of awe about COVID-19 positively influences green consumption behaviour because those who feel this sense of awe pay more attention to the environment and to society while reinforcing their group identity, thus promoting green consumption (Sun et al., 2021) .

These consumers paid more attention to their environmental responsibility and environmental contribution, inspiring others to emulate their environmental concern and environmental protection behaviour. (Feng & Reisner, 2011; Wang & Peng, 2007) .

Compared to the various impacts of income on financial behaviour (Martin et al., 2006) , financial knowledge has a stable and significant impact on short-and long-term financial behaviour (Kim et al., 2019; Martin et al., 2006) . Inoescu (2020) focused on studying the relationship between environmental performance, sustainable energy, and green financial behaviour. However, financial knowledge is closely related to social relations. The financial behaviour of parents has a direct positive effect on the financial behaviour of their children (Angulo-Ruiz & Pergelova, 2015) . Parents and peers are likely to significantly influence individuals' financial knowledge and, subsequently, their financial behaviour. There may be differences across generations and cultural backgrounds.

Because of the inconsistency in results based on a single financial indicator, this paper draws on the concept of FIN (Bakar et al., 2020; Hibbert et al., 2004; Voydanoff, 1990; Yuesti et al., 2020) . FIN is one of many ways to manage and reduce financial strain (Hibbert et al., 2004) . This concept is defined as the acceptance of a degree of caution in the exercise of judgement needed when making required estimations under conditions of uncertainty (Pillai et al., 2010; Voydanoff, 1990) . Therefore, we explore the effect of FIN (including financial knowledge, income, and price sensitivity) in the context of the disruption wrought by the pandemic.

Some studies have shown that FIN varies across generations and cultural backgrounds. In research on the Indian market, Generation X engages in more prudent financial behaviours and attitudes than Generation Y (Shobha & Kumar, 2020) . Another study based on online consumers also found that Generation X is more cautious than Generation Y in making financial decisions (Tolani et al., 2020) .

In China, financial attitudes between different generations are influenced by regional and intergenerational support from the previous generation (Zhang, 2019 

The four constructs focused on in this paper are sustainable consumer 

We ables. In addition, we perform the Harman one-factor test to identify the first eigenvalue in the data matrix. After some items are deleted, the results of exploratory factor analysis of 18 items show that 4 factors have eigenvalues greater than 1. The first eigenvalue accounts for 37.671% of the total variance (threshold of 50%), indicating that this study is less affected by common method bias and is within an acceptable range (Malhotra et al., 2006; Podsakoff, 2003) . The common degree (variance of common factor) values of all items in Table 3 are higher than 0.4, indicating that the research item information can be extracted effectively. Moreover, as shown in Table 5 , the absolute values of correlation coefficients between latent variables are all less than 0.9, which also shows that common method variance does not bias our results. Chinese and European markets have significant differences in the four-factor scores (see Table 7 ), so H1a, H2a, H4a, and H6a are supported. The difference in the scores for the various generations on FIN (F = 2.326, p = 0.073 > 0.005) and environmental satisfaction (F = 1.865, p = 0.133 > 0.005) during the pandemic was not significant, so H4b and H6b were not supported. However, significant generational differences arise in the scores on SC behaviour (F = 5.957, p = 0.000 < 0.01, η 2 p = 0.005) and social influence (F = 29.032, p = 0.000 < 0.001, η 2 p = 0.023), which support H1b and H2b. Because the generational group is a categorical variable, we then perform a post hoc comparison to explore the levels of SC behaviour and social influence of the different generational groups. We conduct a pairwise comparison using the Scheffe method, finding that the scores on SC behaviour and social influence are significantly higher for Generations Y and Z than other generational groups. (Table 7) , except for environmental satisfaction. As seen in Figure 3 , the scores in Chinese questionnaires are generally high across all generational groups. The chart of social influence in Figure 3a shows that Generations Y and Z in the Chinese and European markets have significantly higher scores than the others, indicating that consumers in these two generations pay more attention to the SI of SC. Interestingly, in the chart on FIN in Figure 3b , during the COVID-19 pandemic, Generation X had the highest scores for 1946 -1964 ), Generation X (1965 -1980 ),Generation Y (1981 -1996 ), Generation Z (1997 Social influence (H1b 

Because the Chinese and European markets differ significantly in the four factors (see Table 7 ), we divide China and Europe into two separate databases. First, the Chinese data are used to test the model, and then the European data are used to test the hypotheses. Finally, we compare and discuss the model in both contexts.

After we control for variables such as age, generational group, education level, and income level, the linear regression analysis reveals that social influence has a positive impact on SC behaviour (b = 0.615, p < 0.001), which supporting H3 (R 2 = 0.400, p < 0.001).

We used PROCESS (Model 4) for SPSS developed by Hayes (2017) to assess the indirect effect (IE) of social influence on SC behaviour through environmental satisfaction (see Table 8 ). All the variables were standardised before the analysis. Based on 5000 bootstrap samples and 95% bias-corrected confidence intervals (CI), the results display a significant indirect positive impact of social influence on SC behaviour through environmental satisfaction (see Table 8 ). Because the CI did not include zero, environmental satisfaction acts as a mediator in the model (Hayes, 2017) , supporting H5. Appendix A1 displays the hierarchical regression results for Chinese data (Table 9 ).

To test the significance of the moderating effects, we used the PRO-CESS Model 59 by Hayes (2017) with 5000 bootstrap samples and 95% CI to examine the moderating effects of FIN on all the relationships in the model in order to test H7a, H7b, and H7c. As seen in Table 10 , the interaction between social influence and FIN on SC behaviour has a significant and negative effect (b = À0.031, p < 0.05), offering partial support for H7a. We use Johnson-Neyman to further test H7a (Spiller et al., 2013) . Figure 4 shows that the conditional 

Based on European data, this paper uses the same method to test the hypotheses.

After we control for variables such as age, generational group, education level, and income level, the linear regression analysis reveals that social influence has a positive impact on SC behaviour (b = 0.420, p < 0.001), supporting H3.

The results displayed in Table 11 indicate a significant, indirect, and positive impact of social influence on SC behaviour through environmental satisfaction. The CI also supports H5. Appendix A3 presents the hierarchical regression results of the European data (Table 12 ). Table 13 shows the interaction between social influence and FIN on environmental satisfaction and SC behaviour and the interaction between FIN and environmental satisfaction on SC behaviour. The results partially support H7b (b = À0.091, p < 0.01), but not H7a and

H7c. Figure 5 further has a positive impact on environmental satisfaction, regardless of the level of FIN. The figure also shows that the positive effect of social influence on environmental satisfaction is higher when FIN is lower.

The moderating effect is illustrated in a diagram in Appendix A4.

A comparison of the Chinese and European data in the model found the same results, except for the moderating effect of FIN. In the results with Chinese data, FIN has a moderating effect on the relationship between social influence and SC behaviour. In the analysis of European data, FIN has a moderating effect on the relationship between social influence and environmental satisfaction.

The results in Section 4.1 demonstrate generational differences in FIN behaviours between Chinese and European consumers during the COVID-19 pandemic. Indeed, the group with the highest scores on FIN is Generation Y in the Chinese market and Generation X in the European market. Therefore, we further explore and analyse whether generational differences have a moderating effect on FIN in the model (H8).

Because generation is a categorical variable, SCwe used PRO-CESS Model 12, which allows probing interactions between T A B L E 1 4 Three-way interaction effects of intergenerational differences (Hayes, 2017) . We entered generations as the multi-categorical moderated moderation variable (baby boom = 1, Generation X = 2, Generation Y = 3, Generation Z = 4), and the baby boom group is the reference group. As shown in 

Prior research indicates that the impact of the COVID-19 pandemic varies from country to country (Gopinath, 2020) , thus affecting consumption behaviour to various extents Mehta et al., 2020) . Unlike most existing studies, which analyse data from one or two countries (Grinstein & Riefler, 2015; Joshi & Rahman, 2017; Lazaric et al., 2019; Van Doorn & Verhoef, 2011; Vassallo et al., 2016; Yuesti et al., 2020) , this article compares the changes in sustainable consumer behaviour during the epidemic in two influential markets including 13 countries.

The Covid-19 pandemics has significantly altered the priorities of consumers (Vautier, 2020) . More than 50% of millennials and nearly 50% of generation Z are saving money in order to deal with unexpected expenses (Deloitte, 2020 Moreover, financial sustainability is becoming a priority for 30% of consumers, while 26% of consumers rather focus on health and safety products. In our research results, we also found that in both the Chinese and European markets, when measuring FIN, there are more than half of people in each market who agree with the question of "I think much more than before when spending money".

According to Leruste (2020) revealed that Millennials are more green-orientated than Zoomers.

Baby boomers, Generation X, Y and Z slightly differ in their attitude towards "clean" products, environmental responsibility, health and wellness benefits, recycling, and organic ingredients. While Boomers focus on "clean" environmentally friendly products, Generation Z prefers health and wellness benefits (Haller et al., 2020) . In resonance to these studies from consulting firms, our research further provides academic evidence that, compared to the Generation X, Generation Y and Generation Z pay more attention to the social influence of SC.

Deloitte's survey shows that the pandemic has increased empathy and enthusiasm a positive of Millennials and Zoomers towards social aspects of life (carrying for myself, community, and others) (Deloitte, 2020) . Moreover, it states that many companies declared that Covid-19 changed consumer behaviours and consumers, at least temporarily, changed their preferences. More specifically, according to our finding, more than half of the respondents "prefer to pay extra for products produced in a sustainable way", thus changing their consumer behaviour during the Covid-19 epidemic as they started to focus more on products with environmentally friendly packaging.

In this context, the study first explores the differences in the Chinese and European markets and the interaction of generations and market in terms of social influence, SC behaviour, environmental satisfaction, and FIN. The study finds that significant differences arise between Chinese and European consumers regarding the four factors during the COVID-19 pandemic. This seems to contradict a recent study on the Brazilian and Portugese markets, which shows no difference in the impact of COVID-19 on SC (Severo et al., 2021) . Like other studies (Qi et al., 2020; Xie et al., 2020) Figure 6 compares the hypothetical models across markets.

To the best of our knowledge, this is the first study to investigate the impact of FIN on social influence and environmental satisfaction in a SC behavioural model from a cross-country intergenerational perspective in the context of COVID-19. A few studies have examined the relationship between all three main dimensions of SC (Balderjahn et al., 2013; Geiger et al., 2018; Gleim et al., 2013; Ozaki & Sevastyanova, 2011; Phipps et al., 2013) . But none have centred on the role of FIN in consumer behaviour, especially in the context of SC and a crisis. This research identifies significant relationships between FIN, social influence, and environmental satisfaction in SC behaviour by consumers, and our research findings will enrich not only the literature but also practice.

This paper responds to several academic calls for more up-to-date research on SC behaviour (Alzubaidi et al., 2021; Balderjahn et al., 2013; Hojnik et al., 2020; Hume, 2010; Jaeger-Erben et al., 2021; Lazaric et al., 2019; Liu et al., 2020; Testa et al., 2020) and makes four principal contributions.

First, prior studies on SC comparing the Chinese and European markets have generated interesting results on purchase behaviour (Vuylsteke et al., 2010) , personal characteristics and cultural differences (Rohm et al., 2012) , and the structure of energy consumption (Mao et al., 2019; Wang & Chen, 2019 (Salazar et al., 2013; Vassallo et al., 2016) , FIN (Bakar et al., 2020; Alekam, 2018) , and environmental satisfaction (Brun & Karaosman, 2020; Cornelissen et al., 2008) . But these studies did not integrate these three factors and thus did not identify the eventual mediator and moderator that promote SC behaviour. Our study addresses the gap in the literature by exploring this relationship and determines that environmental satisfaction moderates the relationship when an SC attitude is transformed into SC behaviour. Moreover, this study reveals that FIN has a moderating effect (in Europe, between social influence and environmental satisfaction and, in China, between social influence and environmental satisfaction).

Finally, the theoretical contribution deepens the prior research on SC (Dong et al., 2012; Fuchs & Lorek, 2005; Johnstone & Lindh, 2018; Wang & Fan, 2020) by studying consumers in the context of a crisis and observing behavioural changes in the context of COVID-19 (Wang & Fan, 2020) . Indeed, during the pandemic, extensive quarantines changed the way in which people socialise and consume, particularly via social platforms that facilitate the consumption of shared or secondhand products (Wang & Fan, 2020) . The definition of SC behaviour varies in different cultural contexts, such as ethical/ responsible consumption (Li et al., 2021) and the environmentally motivated reduction in consumption (Lasarov et al., 2019) . Huge differences emerge between the consumer markets in China and Europe, based on their history and culture. The results of this study confirm regional differences in consumer behaviour and reveal generational similarities in terms of FIN (with exception of baby boomers), social influence, and environmental satisfaction.

The study provides some important implications for companies and public officials. The results of this study show that during the COVID-19 pandemic social influence has a significant effect on SC behaviour, and FIN significantly moderates the relationship between social influence and SC. Therefore efforts to change consumer behaviour should highlight aspects of socialisation, such as relationships with families, peers, and social groups. We advise that those creating advertising content, such as copywriters or employees in similar positions, pay attention to environmental satisfaction and FIN, which both mediate the relationship between social influence and SC behaviour. Because of the significant effect of environmental satisfaction on SC, organisations should communicate environmental aspects that not only would help the planet but lead to consumer satisfaction from both the environmental and financial perspectives.

Although many organisations believe that regional or generational differences in SC exist between Chinese and European consumers, our results provide evidence that these differences have not arisen during the COVID-19 pandemic, which means that organisational strategies for SC behaviour during the crisis could be generalised. In contrast, during the COVID-19 pandemic, the social influence on SC differs between Chinese and European markets and between generations. Therefore, targeting the same social groups in both regions and all generations is ineffective.

This study of PEB shows that environmental satisfaction behaviour differs across regions but not across generations, which implies that organisations have to differentiate their environmentally oriented appeals on a regional basis, rather than wasting resources on differentiation by generations. Our study of FIN during the crisis yielded the same results as that of environmental satisfaction, and therefore marketing should be adapted across regions, but generalised when targeting a specific generation.

In summary, the results suggest that during the pandemic, organisations should integrate the implications of FIN and social influence into their strategies while promoting SC to their consumers.

This research has several limitations that could be addressed in future studies. First, other methods of distinguishing generational divides might be more accurate for studying the behaviour of Chinese consumers than those used in this study (Chen & Cui, 2014; Dabija & Bejan, 2018; Zhang, 2019) and could provide additional insights on SC in China. Second, our findings are based on a quantitative study and therefore have methodological limitations. Conducting a qualitative analysis or big data experiments could provide additional insights into our findings. In addition, FIN seems to be a promising concept for gaining a better understanding of SC, and further studies in sociology or economics focused on the financial dimension of sustainability could provide new insights into the influencing factors across cultures.

Moreover, European consumers may have different behaviours in each national market since culture is likely to be an important moderator (May et al., 2021) . Future studies may also look at the impact of the pandemic rhythm which was different across countries on SC. Consequently, future research may study the moderating role of cultural distances on the model. Future research could use a detailed cross-country comparison of sustainable consumer behaviour in the environmental, social, and economic dimensions of SC and consider the role of consumer value in SC behaviour.

This work was supported by the European Regional Development 

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Exploring sustainable seafood consumption among generation Y

Financial education as moderating influence in prudent financial management practices among Malaysian youth

Consciousness for sustainable consumption: Scale development and new insights in the economic dimension of consumers' sustainability

Sustainable consumption: Introspecting across multiple lived cultures

Millennials' green consumption behaviour: Exploring the role of social media

Economic implications of epidemics old and new

Sustainability Marketing

Sustainability in the luxury fashion supply chain: Millennials' perception

The impact of COVID-19 crisis upon the consumer buying behavior of fresh vegetables directly from local producers. Case study: The quarantined area of Suceava county

Willingness-to-pay for sustainable beer

Marketing to the (new) generations: Summary and perspectives

Encourage stakeholder engagement in sustainable development: Drivers of consumers themselves benefits and society welfares

The impact of Covid-19 on tourist consumption behaviour: A perspective article

Environmental satisfaction, residential satisfaction, and place attachment: The cases of long-term residents in rural and urban areas in China

The influence mechanism of environmental sensitivity on household green consumption under the background of green development

A review of intergenerational difference theory and intergenerational value difference. Human Resource Development in China

Research on the formation mechanism of tenants' sustainable consumption behavior in shared accommodation: The interactive effect of user generated signals and platform authentication signals

Does the COVID-19 outbreak mark the onset of a sustainable consumption transition? Sustainability: Science, Practice and Policy

The cost of the covid-19 crisis: Lockdowns, macroeconomic expectations, and consumer spending (No. w27141)

Online travel behaviour across cohorts: T he impact of social influences and attitude on hotel booking intention

Price competition and product differentiation when consumers care for the environment. Environmental and Resource Economics

Positive cueing: Promoting sustainable consumer behavior by cueing common environmental behaviors as environmental

Consumers' willingness to pay for green cars: A discrete choice analysis in Italy

How social, environmental, and economic CSR affects consumer-perceived value: Does perceived consumer effectiveness make a difference?

Green DIY store choice among socially responsible consumer generations

Resisting deformed 'eating and sowing' and cherishing every grain of grain

Which are the determinants of green purchase behaviour? A study of Italian consumers. Business Strategy and the Environment

Organic food consumption in Europe: International segmentation based on value system differences

Sustainability of supply chains in the wake of the coronavirus (COVID-19/SARS-CoV-2) pandemic: Lessons and trends

Sharing and sustainable consumption in the era of COVID-19

The Deloitte Global Millennial Survey

A study of normative and informational social influences upon individual judgment

Consumer behaviour types in household food waste

Influencing factors of sustainable consumption behavior of urban residents

Is consumer cognition reducible to neurophysiological functioning? Economics, Management, and Financial Markets

In the post-epidemic era, focus on sustainable fashion

What post-COVID-19 lifestyles may look like? Identifying scenarios and their implications for sustainability. Sustainable Production and Consumption

The effect of COVID-19 on consumer shopping behaviour: Generational cohort perspective

One size fits all? Policy instruments should fit the segments of target groups

Marketing & Sales Practice: Meet the next-Normal consumer

Analysis of factors influencing the decisions over purchasing second-hand products

Factors influencing private and public environmental protection behaviors: Results from a survey of residents in Shaanxi

Evaluating structural equation models with unobservable variables and measurement error

Opinion leaders and complex sustainability issues

Sustainable consumption governance: A history of promises and failures

Natural wine" consumers and interest in label information: An analysis of willingness to pay in a new Italian wine market segment

Measuring what matters in sustainable consumption: An integrative framework for the selection of relevant behaviors

Against the green: A multi-method examination of the barriers to green consumption

Social influence and sustainability in households

Research on the mechanism of intergenerational inheritance on green consumption behavior under the background of Chinese culture

Limiting the economic fallout of the coronavirus with large targeted policies

Citizens of the (green) world? Cosmopolitan orientation and sustainability

A structural model of environmental attitudes and behaviour

China Household Appliance Innovation Retail White Paper

Meet the 2020 consumers driving change

Introduction to mediation, moderation, and conditional process analysis: A regression-based approach

The chain mediating effect of ecological values on sustainable consumption behavior

What triggers young millennials to purchase eco-friendly products? The interrelationships among knowledge, perceived consumer effectiveness, and environmental concern

Financial prudence and next generation financial strain

Sustainable development: Predictors of green consumerism in Slovenia

Compassion without action: Examining the young consumers consumption and attitude to sustainable consumption

Share more, drive less: Millennials value perception and behavioral intent in using collaborative consumption services

The economics of the carbon tax: Environmental performance, sustainable energy, and green financial behavior. Geopolitics, History, and International Relations

Panic buying in the COVID-19 pandemic: A multi-country examination

Consumer economic socialization

The generational cohort effect in the context of responsible consumption. Management Decision

Why do users (not) repair their devices? A study of the predictors of repair practices

Examining drivers of sustainable consumption: The influence of norms and opinion leadership on electric vehicle adoption in Sweden

Strategic choice and policy recommendations of China's sustainable consumption model

Intergenerational conflicts of interest and prosocial behavior during the COVID-19 pandemic

The sustainability-age dilemma: A theory of (un) planned behaviour via influencers

Investigating the determinants of consumers' sustainable purchase behaviour. Sustainable Production Consumption

Introduction to the special section: Research for the new Normal

Consumer panic in the COVID-19 pandemic

Financial knowledge and short-term and long-term financial behaviors of millennials in the United States

COVID-19 impact on sustainable production and operations management

The willingness to pay of Sicilian consumers for a wine obtained with sustainable production method: An estimate through an ordered probit sample-selection model

Counter-arguing as barriers to environmentally motivated consumption reduction: A multi-country study

Determinants of sustainable consumption in France: The importance of social influence and environmental values

The future of finance is sustainable-and profitable

Changing grocery shopping behaviours among Chinese consumers at the outset of the COVID-19 outbreak

Analysis on the influence and formation mechanism of COVID-19 epidemic on residents' consumption behavior

A review of overseas studies on influencing factors of sustainable consumption behavior

Mindfulness in ethical consumption: The mediating roles of connectedness to nature and self-control

Organizational subculture, constructive deviance and technology adoption: Post-implementation of an Enterprise information system in China

Nonmonetary and nonreciprocal freecycling: Motivations for participating in online alternative giving communities

Sustainable consumption: Green purchasing behaviours of urban residents in China

A new perspective of sustainable consumption behavior research: Based on behavioral stage change theory

How COVID-19 drives change in financial services sustainability

Common method variance in IS research: A comparison of alternative approaches and a reanalysis of past research

The problem of generations

Evolution of Green Industrial Growth between Europe and China based on the

Social, cultural and structural influences on household waste recycling: A case study. Resources, Conservation and Recycling

Intertwining corporate social responsibility, employee green behavior and environmental sustainability: The mediation effect of organizational trust and organizational identity

The new consumer behaviour paradigm amid COVID-19: Permanent or transient

The behavioral economics of decision making: Explaining consumer choice in terms of neural events. Economics, Management, and Financial Markets

Environmentally friendly apparel products: The effects of value perceptions

Consumer environmental activism, sustainable consumption behavior and satisfaction with life

Normative social influence is underdetected

Does a financial crisis make consumers increasingly prudent? Retrieved from econometric institute research papers EI2014-16

Going hybrid: An analysis of consumer purchase motivations

Understanding the inherent complexity of sustainable consumption: A social cognitive framework

Internal and external determinants of consumer engagement in sustainable consumption

Financial prudence among youth

A study of corporate social responsibility practices of the top Bombay stock exchange 500 companies in India and their alignment with the sustainable development goals

Common method biases in behavioral research: A critical review of the literature and recommended remedies

Sources of method bias in social science research and recommendations on how to control it

Exploring influential factors including COVID-19 on green food purchase intentions and the intentionbehaviour gap: A qualitative study among consumers in a Chinese context

A multiple-item scale for measuring 'sustainable consumption behaviour' construct

The cross-cultural effects of brand status and social facilitation on enhancing consumer perception toward circular fashion services

Blackwell encyclopedia of sociology

The threat of common method variance bias to theory building

The problem of behaviour change: From social norms to an ingroup focus

The process of innovation and the diffusion of innovation

Brand in the hand: A cross-market investigation of consumer acceptance of mobile marketing

Social influence on sustainable consumption: Evidence from a behavioural experiment

Are French consumers ready to pay a premium for eco-labeled seafood products? A contingent valuation estimation with heterogeneous anchoring

Estimating energy conservation patterns of Greek households

Impact of the COVID-19 pandemic on environmental awareness, sustainable consumption and social responsibility: Evidence from generations in Brazil and Portugal

The influence of social networks on environmental awareness and the social responsibility of generations

Influencing factors to facilitate sustainable consumption: From the experts' viewpoints

Mindful consumption: A customer-centric approach to sustainability

Financial Behaviours of generation X and generation Y

The effects of behavior and attitudes on drop-off recycling activities. Resources, Conservation and Recycling

Spotlights, floodlights, and the magic number zero: Simple effects tests in moderated regression

Environmental aspects of generation Y's sustainable mobility

The impact of awe induced by COVID-19 pandemic on green consumption behavior in China

China Sustainable Consumption Report

Friends, fans, and followers: Do ads work on social networks? How gender and age shape receptivity

Testing and controlling for common method variance: A review of available methods

Environmental concern: An issue for poor or rich

The circular economy and consumer behaviour: The mediating role of information seeking in buying circular packaging

Social sustainability as buying local: Effects of soft policy, meso-level actors, and social influences on purchase intentions

Factors influencing willingness to pay for sustainable apparel: A literature review

Human values and the emergence of a sustainable consumption pattern: A panel study

An experimental test of the impact of corporate social responsibility on consumers' purchasing behavior: The mediation role of trust

Money and generations: Financial choices made by gen X and gen Y

A global status report

Humanity's penchant to waste food is trashing the planet

Sustainable consumption and production: Creating opportunities in a changing world

Resolution adopted by the General Assembly (A/RES/70/1)

The paradox of 'green to be seen': Green high-status shoppers excessively use (branded) shopping bags

Temporal myopia in sustainable behavior under uncertainty

Willingness to pay for organic products: Differences between virtue and vice foods

Investigating psychosocial determinants in influencing sustainable food consumption in Italy

Future Consumer Index: five consumer segments will shape demand beyond the COVID-19 pandemic

Economic distress and family relations: A review of the eighties

Consumers' search for information on the internet: How and why China differs from Western Europe

Modelling deep decarbonization of industrial energy consumption under 2-degree target: Comparing China

Circulating consumption behavior of urban residents and its influencing factors

The influence of multi-dimensional environmental cognition on consumers' environment-friendly behavior

What causes the intergenerational consumption differences among the floating population

Factors influencing sustainable consumption behaviors: A survey of the rural residents in China

The influence of collaborative consumption on sustainable consumption behavior of users

A study on students' perception of sustainable development: Based on survey data of 261 universities in the world

Unraveling customer sustainable consumption behaviors in sharing economy: A socioeconomic approach based on social exchange theory

A sociotechnical transitions perspective for assessing future sustainability following the COVID-19 pandemic

Evaluating sustainability of household consumption-Using DEA to assess environmental performance

Towards green experiential loyalty: Driving from experiential quality, green relationship quality, environmental friendliness, green support and green desire

Generational differences in perceptions of food health/risk and attitudes toward organic food and game meat: The case of the COVID-19 crisis in China

New progress of sustainable consumption theory research

Sustainable consumption: A strategic research topic facing mankind at the turn of the century

Sustainable consumption: Green consumer behaviour when purchasing products

Financial literacy in the COVID-19 pandemic: Pressure conditions in Indonesia. Entrepreneurship and Sustainability Issues

Consumers' perceptions, purchase intention, and willingness to pay a premium price for safe vegetables: A case study of Beijing

Population quality, intergenerational support and household consumption behavior

Sustainable consumption in the context of shared economy: Paradigm change and advancing paths

Research on enterprise quality price decision based on sustainable consumption