FOMO' s origin results in post-purchasing regret in the fast fashion industry: The evidence from Vietnam

Abstract

In an era where everything is changing fast and fashion for young people is only part of decorating themselves on social media, fast fashion has been flourishing because of its low prices and speed in updating new trends. This has created a huge amount of garment waste, seriously affecting the awareness of environmental protection and the behavior of controlling spending in shopping. The research team wanted to conduct a research paper with the aim of understanding the core of FOMO-induced purchase intention of fast fashion items and their degree of regret after owning such items. From there, we want to propose solutions for individuals and businesses to thrive in today's fashion industry towards a more sustainable life, through raising the awareness of customers and sustainable development orientation of the enterprise. The official data source used in this study was collected based on survey questionnaires from 346 students at universities in Ho Chi Minh City and their family members. The research team used data analysis methods including reliability analysis - Cronbach's Alpha and Composite reliability, average extracted variance (AVE), discriminant value - Heterotrait-Monotrait (HTMT) ratio, evaluate the structural model through the coefficients VIF, R!, f ! , use regression to test the model and hypotheses. The research team evaluates and analyzes the origin of FOMO through three factors: (1) Perceived scarcity, (2) Social media, (3) Anticipated elation. From there, the research team explores how FOMO affects the purchase intention of people in Ho Chi Minh City and assesses their level of post-purchase regret. In addition, the research team has made recommendations for individuals and organizations to focus on developing more sustainable fashion products, creating more opportunities for people to have the opportunity to understand and experience sustainable products. At the same time, this is an opportunity to lead a more sustainable life in the future through new experiences from the fashion industry.