The impact of financial scarcity on green consumption: Sequential mediating effects of anxiety and self‐efficacy

Abstract There is a consensus to promote green consumption to drive sustainable human development and high‐quality economic development. It is therefore essential for academics, policymakers, and marketers to understand the factors that influence green consumption. Through four experiments, this study examines the effect of financial scarcity—a feeling commonly experienced by consumers—on green consumption. These experiments show that financial scarcity can hinder consumers' choice of green products. The above process occurs because the scarcity of monetary resources induces anxiety, which in turn reduces self‐efficacy. We further find that the observed effect will be attenuated when consumers' social support level is high (vs. low). These findings demonstrate that the impact of financial scarcity on green consumption is mediated by anxiety and self‐efficacy perception and moderated by social support. Our results provide recommendations for developing marketing strategies for green products.