Analysis factors affect gen Z's willingness to pay premium price for green products: The roles of green brand credibility and green perceived value in Vietnam market: The case of Unilever

Abstract

The general aim of this research is to study the relationship between major green brand determinants (green brand image, green brand credibility and green brand perceived value) on the perception of customers, especially GenZ, and their willingness to pay a premium price for green products in Vietnam market concerning consumer goods industry. The data are utilized to reinforce the study is collected from one of the most well-known consumers goods brands in Vietnam and all over the world which is Unilever. The result and the hypothesis of research are justified utilizing quantitative method, processing by two statistical analysis software which are SPSS and SmartPLS. In addition, a sampling of 233 Gen Z respondents after filtering step around Vietnam, who are interested in green products and green brand, is applied to determine and assess the hypotheses proposed. The responds are aggregated by means of convenience sampling method through online questionnaire. The outcome of data analysis indicates that three green brand constructed elements, which are green brand image, green brand credibility and green brand perceived value are crucial instruments that can impact on GenZ perception about green products. Besides, green brand image and green brand perceived value can only affect GenZ purchase behavior of spending more money on green product through the mediating influence of consumer perception. Additionally, only green brand image can directly associate with GenZ willingness to pay premium price for green products. As a result, the incorporation of green brand attributes into both brand marketing strategy and corporate social responsibility initiatives is accessible due to its positive relationship with customer perception and willingness to pay premium price. Green brands can use the results and recommendations from the study to enhance the company's reputation and green brand marketing performance by boosting their target audiences perception about the brand. Ultimately, green brands will be able to gain revenue, profit from the green practices as well as advancing business scale.