Descriptive Statistics
Table 2 presents the descriptive statistics for the study variables. Perceived Credibility had the highest mean score (M = 3.90, SD = 0.91), followed by Scarcity Message Intensity (M = 3.72, SD = 1.07), FOMO (M = 3.71, SD = 0.96), Purchase Intention (M = 3.61, SD = 1.06), and Consumer Skepticism (M = 3.57, SD = 1.06). Household Income had a mean coded category of 2.84 (SD = 0.96). Skewness values ranged from −1.25 to −0.45 and kurtosis values ranged from −1.30 to 0.24, indicating no severe univariate distributional departures. The observed ranges also demonstrated adequate variability across the study variables.
| Construct/Variable | Mean | SD | Skewness | Kurtosis | Min | Max |
| Scarcity Message Intensity | 3.72 | 1.07 | −0.98 | −0.29 | 1.00 | 5.00 |
| Perceived Credibility | 3.90 | 0.91 | −1.25 | 0.24 | 1.60 | 5.00 |
| FOMO | 3.71 | 0.96 | −1.00 | −0.52 | 1.50 | 5.00 |
| Purchase Intention | 3.61 | 1.06 | −0.77 | −0.97 | 1.33 | 5.00 |
| Consumer Skepticism | 3.57 | 1.06 | −0.55 | −1.30 | 1.33 | 5.00 |
| Household Income | 2.84 | 0.96 | −0.45 | −0.75 | 1.00 | 4.00 |
Table 2: Descriptive Statistics of Study Variables.
Mean, standard deviation (SD), skewness, kurtosis, minimum, and maximum values for the study variables in the final analytical sample (N = 272). Scarcity Message Intensity, Perceived Credibility, fear of missing out (FOMO), Purchase Intention, and Consumer Skepticism were measured on five-point scales. Household Income was coded into four categories from 1 to 4.
Table 3 shows the Pearson correlations among the study variables. Scarcity Message Intensity was positively correlated with Perceived Credibility (r = 0.429), Purchase Intention (r = 0.404), FOMO (r = 0.429), and Consumer Skepticism (r = 0.320), but showed essentially no correlation with Household Income (r = −0.004). Purchase Intention was positively correlated with Perceived Credibility (r = 0.482), FOMO (r = 0.409), and Consumer Skepticism (r = 0.478), whereas its correlation with Household Income was weak (r = 0.046). Overall, Household Income showed only negligible to weak correlations with the study constructs (r = −0.004 to 0.103).
| Construct | 1 | 2 | 3 | 4 | 5 | 6 |
| 1. Scarcity Message Intensity | 1.000 | | | | | |
| 2. Perceived Credibility | 0.429 | 1.000 | | | | |
| 3. Purchase Intention | 0.404 | 0.482 | 1.000 | | | |
| 4. FOMO | 0.429 | 0.384 | 0.409 | 1.000 | | |
| 5. Household Income | −0.004 | 0.049 | 0.046 | 0.016 | 1.000 | |
| 6. Consumer Skepticism | 0.320 | 0.458 | 0.478 | 0.362 | 0.103 | 1.000 |
Table 3: Correlation Matrix of Study Variables.
Values represent Pearson’s correlation coefficients for the final analytical sample (N = 272). Household Income was coded ordinally into four categories from 1 to 4. FOMO = fear of missing out.
Measurement Model Assessment
The measurement model was evaluated to ensure that the indicators of the latent constructs demonstrated adequate reliability and validity before testing the structural relationships.
Table 4 presents the measurement-model assessment for the five latent constructs included in the final model. Standardized outer loadings ranged from 0.680 to 0.833 and met the minimum acceptable criterion. Composite reliability values exceeded 0.70, and AVE values exceeded 0.50 for all five latent constructs. Overall, the results support adequate reliability and convergent validity of the measurement model.
| Construct | Items | Factor Loadings (Range) | CR | AVE |
| Scarcity Message Intensity | 3 | 0.749–0.754 | 0.818 | 0.600 |
| Perceived Credibility | 5 | 0.680–0.746 | 0.850 | 0.531 |
| FOMO | 6 | 0.744–0.825 | 0.883 | 0.602 |
| Purchase Intention | 6 | 0.734–0.833 | 0.900 | 0.602 |
| Consumer Skepticism | 6 | 0.750–0.800 | 0.903 | 0.609 |
Table 4: Measurement Model Reliability and Convergent Validity.
Factor loadings, composite reliability (CR), and average variance extracted (AVE) are reported for the five latent constructs. CR ≥ 0.70 and AVE ≥ 0.50 indicate acceptable composite reliability and convergent validity, respectively. FOMO = fear of missing out.
Table 5 provides evidence of discriminant validity for the five latent constructs according to the Fornell–Larcker criterion. The diagonal values, representing the square roots of AVE, were 0.775 for Scarcity Message Intensity, 0.729 for Perceived Credibility, 0.776 for Purchase Intention, 0.776 for FOMO, and 0.780 for Consumer Skepticism. Each diagonal value exceeded the corresponding inter-construct correlations, supporting discriminant validity.
| Construct | 1. SMI | 2. PC | 3. PI | 4. FOMO | 5. CS |
| 1. Scarcity Message Intensity (SMI) | 0.775 | | | | |
| 2. Perceived Credibility (PC) | 0.429 | 0.729 | | | |
| 3. Purchase Intention (PI) | 0.404 | 0.482 | 0.776 | | |
| 4. Fear of Missing Out (FOMO) | 0.429 | 0.384 | 0.409 | 0.776 | |
| 5. Consumer Skepticism (CS) | 0.320 | 0.458 | 0.478 | 0.362 | 0.780 |
Table 5: Fornell–Larcker Criterion for Discriminant Validity.
Diagonal values represent the square roots of the average variance extracted (AVE), and off-diagonal values represent interconstruct correlations. Discriminant validity is supported when the square root of the AVE for each construct exceeds its correlations with the other constructs. SMI = Scarcity Message Intensity; PC = Perceived Credibility; PI = Purchase Intention; FOMO = fear of missing out; CS = Consumer Skepticism.
Table 6 presents the available model-fit result obtained from SmartPLS 4.0. The NFI value was 0.901, exceeding the stated acceptance criterion of > 0.90.
| Model-Fit Index | Observed Value | Acceptance Criterion | Assessment |
| NFI | 0.901 | >0.90 | Meets criterion |
Table 6: Model-Fit Assessment.
The normed fit index (NFI) obtained from the SmartPLS 4.0 analysis was 0.901 and was evaluated against the stated acceptance criterion of >0.90.
Structural Model and Hypothesis Testing
Table 7 presents the direct path analysis. The paths were evaluated using PLS-SEM bootstrapping with 5,000 resamples. Contrary to the hypothesized negative relationship, Scarcity Message Intensity was positively associated with Perceived Credibility (β = 0.459, SE = 0.062, t = 7.428, p < 0.001); therefore, H1 was not supported because the observed relationship was in the opposite direction. The direct relationship between Scarcity Message Intensity and Purchase Intention was not significant (β = −0.033, SE = 0.058, t = −0.570, p = 0.569), and H2 was not supported. Scarcity Message Intensity was positively associated with FOMO (β = 0.235, SE = 0.052, t = 4.508, p < 0.001), supporting H3. Perceived Credibility (β = 0.330, SE = 0.063, t = 5.215, p < 0.001) and FOMO (β = 0.123, SE = 0.055, t = 2.262, p = 0.024) were positively associated with Purchase Intention, supporting H4 and H5, respectively.
| Hypothesis | Path | β (Estimate) | SE | t-statistic | p-value | Conclusion |
| H1 | Scarcity Message Intensity → Perceived Credibility | 0.459 | 0.062 | 7.428 | <0.001 | Not Supported (opposite direction) |
| H2 | Scarcity Message Intensity → Purchase Intention | −0.033 | 0.058 | −0.570 | 0.569 | Not Supported |
| H3 | Scarcity Message Intensity → FOMO | 0.235 | 0.052 | 4.508 | <0.001 | Supported |
| H4 | Perceived Credibility → Purchase Intention | 0.330 | 0.063 | 5.215 | <0.001 | Supported |
| H5 | FOMO → Purchase Intention | 0.123 | 0.055 | 2.262 | 0.024 | Supported |
Table 7: Structural Model Results and Hypothesis Testing.
Standardized path coefficients (β), standard errors (SE), t-statistics, p-values, and hypothesis-testing conclusions are reported for the final analytical sample (N = 272). H1 was not supported because the statistically significant relationship was in the direction opposite to that hypothesized. FOMO = fear of missing out.
Mediation Analysis
Bootstrapping showed significant indirect effects through Perceived Credibility (indirect effect = 0.151, SE = 0.035, t = 4.276, p < 0.001, 95% CI [0.098, 0.212]) and FOMO (indirect effect = 0.029, SE = 0.014, t = 2.004, p = 0.028, 95% CI [0.005, 0.061]). The total indirect effect was also significant (0.180, p < 0.001). Because both indirect effects were significant while the direct Scarcity Message Intensity → Purchase Intention path was non-significant, the results indicate indirect-only mediation through the Perceived Credibility and FOMO pathways. The indirect effect through Perceived Credibility was larger than that through FOMO.
Moderation Analysis
Table 8 presents the moderation and conditional-effects analyses. The interaction between Scarcity Message Intensity and Consumer Skepticism was positive and statistically significant (β = 0.131, p = 0.014). However, because H6 predicted a negative moderating effect, H6 was not supported. Conditional-effects analysis showed that the positive association between Scarcity Message Intensity and FOMO was significant at low (2.51; β = 0.190, p = 0.007), mean (3.57; β = 0.307, p < 0.001), and high (4.63; β = 0.424, p < 0.001) levels of Consumer Skepticism, with the effect strengthening as Consumer Skepticism increased. Thus, the observed moderation was opposite to the hypothesized direction.
| Hypothesis | Interaction Path | β (Estimate) | SE | t-statistic | p-value | Conclusion |
| H6 | Scarcity Message Intensity × Consumer Skepticism → FOMO | 0.131 | 0.053 | 2.473 | 0.014 | Not Supported (opposite direction) |
| H7 | Perceived Credibility × Household Income → Purchase Intention | 0.048 | 0.052 | 0.914 | 0.362 | Not Supported |
| Conditional effects for H6: Consumer Skepticism (M = 3.5705, SD = 1.0571) |
| Moderator Level | Effect of Scarcity Message Intensity on FOMO | SE | t-statistic | p-value | 95% CI | Assessment |
| Low (−1 SD = 2.51) | 0.190 | 0.070 | 2.710 | 0.007 | [0.052, 0.328] | Significant |
| Mean (3.57) | 0.307 | 0.050 | 6.166 | <0.001 | [0.209, 0.405] | Significant |
| High (+1 SD = 4.63) | 0.424 | 0.067 | 6.316 | <0.001 | [0.292, 0.556] | Significant |
| Conditional effects for H7: Household Income (categorical 1–4; M = 2.8419, SD = 0.9647) |
| Moderator Level/Category | Effect of Perceived Credibility on Purchase Intention | SE | t-statistic | p-value | 95% CI | Assessment |
| Category 1 (<3,000 RMB) | 0.456 | 0.128 | 3.556 | <0.001 | [0.204, 0.709] | Significant |
| Category 2 (3,001–8,000 RMB) | 0.514 | 0.079 | 6.468 | <0.001 | [0.357, 0.670] | Significant |
| Category 3 (8,001–15,000 RMB) | 0.571 | 0.064 | 8.969 | <0.001 | [0.446, 0.697] | Significant |
| Category 4 (>15,000 RMB) | 0.629 | 0.098 | 6.382 | <0.001 | [0.435, 0.823] | Significant |
Table 8: Moderation and Conditional Effects.
Standardized interaction coefficients (β), standard errors (SE), t-statistics, p-values, and conditional effects are reported for the final analytical sample (N = 272). For H6, the Scarcity Message Intensity × Consumer Skepticism interaction was statistically significant but in the direction opposite to that hypothesized; therefore, H6 was not supported. Conditional effects are shown at the mean and ±1 SD of Consumer Skepticism. For H7, the Perceived Credibility × Household Income interaction was not statistically significant; therefore, H7 was not supported. Conditional effects across the four Household Income categories are presented descriptively and do not constitute evidence of significant moderation. CI = confidence interval; FOMO = fear of missing out; M = mean; SD = standard deviation.
The interaction between Perceived Credibility and Household Income was not statistically significant (β = 0.048, p = 0.362); therefore, H7 was not supported. Although the conditional association between Perceived Credibility and Purchase Intention increased across the four household-income categories, this pattern did not constitute a statistically significant moderation effect. Accordingly, household income did not significantly moderate the relationship between Perceived Credibility and Purchase Intention in the final sample.
Figure 2 summarizes the estimated structural model and standardized path coefficients for H1–H7.

Figure 2: Structural model path coefficients. Standardized path coefficients (β) are shown for the direct (H1–H5) and moderating effects (H6–H7) in the final analytical sample (N = 272). Solid arrows indicate direct relationships, and dashed arrows indicate moderating effects. H1 and H6 were not supported because the statistically significant relationships were in the directions opposite to those hypothesized; H2 and H7 were not supported because the corresponding effects were not statistically significant; and H3–H5 were supported. SMI = Scarcity Message Intensity; PC = Perceived Credibility; PI = Purchase Intention; FOMO = fear of missing out; CS = Consumer Skepticism; HI = Household Income; ns = not significant. *p < 0.05; ***p < 0.001. Please click here to view a larger version of this figure.
Robustness Checks
Robustness checks were conducted to assess whether the findings were stable with respect to potential methodological and model-related concerns. Four complementary procedures were undertaken: (i) assessment of common method bias, (ii) diagnosis of multicollinearity, (iii) determination of effect sizes for the structural relationships, and (iv) assessment of the predictive relevance and explanatory power of the structural model.
Common Method Bias
Common method bias was assessed using Harman’s single-factor test in IBM SPSS Statistics (version 26). The first factor accounted for 31.70% of the total variance, which was below the 50% criterion applied in this study. The extracted factors collectively accounted for 65.50% of the total variance (Table 9). These results indicate that no single factor accounted for the majority of the variance, suggesting that common method bias was unlikely to substantially affect the findings.
| Indicator | Value | Threshold | Conclusion |
| Total variance explained | 65.50% | — | — |
| Variance explained by the first factor | 31.70% | <50% | No serious common method bias |
Table 9: Harman’s Single-Factor Test for Common Method Bias.
The total variance explained was 65.50%, while the first factor accounted for 31.70% of the variance. Because the variance explained by the first factor was below the 50% threshold, the test indicated no serious common method bias in the final analytical sample (N = 272).
Multicollinearity Diagnosis and Effect Sizes (f2)
Excessive multicollinearity among predictor constructs can inflate standard errors and destabilize path coefficients. VIF values were examined for the predictors in the structural model, and f2 values were used to assess the effect sizes of the structural relationships.
As shown in Table 10, all predictor-level VIF values ranged from 1.000 to 1.366, well below the threshold of 3.00, indicating no problematic multicollinearity among the predictors. Regarding effect sizes, Scarcity Message Intensity → Perceived Credibility showed a medium effect (f2 = 0.225). Scarcity Message Intensity → FOMO (f2 = 0.142), Consumer Skepticism → FOMO (f2 = 0.082), Perceived Credibility → Purchase Intention (f2 = 0.120), FOMO → Purchase Intention (f2 = 0.047), and Scarcity Message Intensity → Purchase Intention (f2 = 0.034) showed small effects. The H6 interaction showed a small effect (f2 = 0.023), whereas Household Income (f2 = 0.001) and the H7 interaction (f2 = 0.003) showed negligible effects. Overall, the results indicate acceptable collinearity and varying effect sizes across the structural relationships.
| Dependent Construct | Predictor Construct/Path | Predictor VIF | f² | Effect Size Rating |
| Perceived Credibility | Scarcity Message Intensity | 1.000 | 0.225 | Medium |
| FOMO | Scarcity Message Intensity | 1.116 | 0.142 | Small |
| FOMO | Consumer Skepticism | 1.120 | 0.082 | Small |
| FOMO | Scarcity Message Intensity × Consumer Skepticism (H6) | 1.006 | 0.023 | Small |
| Purchase Intention | Scarcity Message Intensity | 1.366 | 0.034 | Small |
| Purchase Intention | Perceived Credibility | 1.311 | 0.120 | Small |
| Purchase Intention | FOMO | 1.310 | 0.047 | Small |
| Purchase Intention | Household Income | 1.005 | 0.001 | Negligible |
| Purchase Intention | Perceived Credibility × Household Income (H7) | 1.011 | 0.003 | Negligible |
Table 10: Collinearity and Effect-Size Assessment.
Predictor-level variance inflation factor (VIF) and f2 effect-size values are reported for the final analytical sample (N = 272). VIF values <3.00 indicate acceptable collinearity. Effect sizes were classified as negligible (f2 <0.02), small (0.02 to <0.15), medium (0.15 to <0.35), or large (≥0.35). Values represent regression-based checks using the final composite-score model. FOMO = fear of missing out.
Predictive Relevance (Q2) and Explanatory Power (R2)
The structural model’s explanatory power was evaluated using the coefficient of determination (R2), while predictive relevance was assessed using the Stone–Geisser Q2 statistic obtained through the blindfolding procedure in SmartPLS 4.0 with an omission distance of D = 7.
As shown in Table 11, the model explained 21.3% of the variance in Perceived Credibility (adjusted R2 = 0.210), 18.6% in FOMO (adjusted R2 = 0.177), and 51.2% in Purchase Intention (adjusted R2 = 0.503). All Stone–Geisser Q2 values were greater than zero (0.145, 0.119, and 0.341, respectively), indicating predictive relevance for all three endogenous constructs.
| Endogenous Construct | R2 | Adjusted R2 | Q2 (Stone–Geisser) | Predictive Relevance |
| Perceived Credibility | 0.213 | 0.210 | 0.145 | Yes (>0) |
| FOMO | 0.186 | 0.177 | 0.119 | Yes (>0) |
| Purchase Intention | 0.512 | 0.503 | 0.341 | Yes (>0) |
Table 11: Explanatory Power and Predictive Relevance of the Structural Model.
R2 and adjusted R2 values indicate the proportion of variance explained in each endogenous construct. Stone–Geisser Q2 values assess predictive relevance, with values >0 indicating predictive relevance. Results are reported for the final analytical sample (N = 272). FOMO = fear of missing out.
Data Availability Statement:
The de-identified item-level dataset for the 272 adult participants included in the final analysis is provided in Supplementary Data File 1. The dataset includes demographic variables, item-level responses, composite construct scores, and interaction terms used in the analysis. Likert-scale items are coded from 1 to 5. Household Income is included separately as a four-category demographic variable (1–4), while IL1–IL3 represent Financial Literacy/Financial Capability items and are distinct from Household Income. Financial Literacy/Financial Capability was not included as a latent construct in the final structural model. The complete bilingual study questionnaire, including the English and Simplified Chinese items, response scales, demographic questions, and coding instructions, is provided in Supplementary Data File 2.
Supplementary Data File 1: De-identified Dataset.
De-identified item-level dataset for the 272 adult participants included in the final analysis. The file contains demographic variables, item-level responses, composite scores, and interaction terms. Likert-scale items are coded from 1 to 5. Household Income is included separately as a four-category demographic variable coded from 1 to 4. IL1–IL3 represent Financial Literacy/Financial Capability items and are distinct from Household Income; Financial Literacy/Financial Capability was not included as a latent construct in the final structural model. Composite scores were calculated from their corresponding construct items, and interaction terms were calculated from the relevant mean-centered variables. Please click here to download this file.
Supplementary Data File 2: Study Questionnaire.
Complete bilingual study questionnaire containing the English and Simplified Chinese items used for data collection, together with response scales and coding instructions. The file includes demographic screening questions and items assessing Ad Engagement/Awareness, fear of missing out (FOMO), Scarcity Message Intensity, Perceived Credibility, Financial Autonomy, Purchase Intention, Financial Literacy/Financial Capability, and Consumer Skepticism. Likert-scale items were rated from 1 = Strongly Disagree to 5 = Strongly Agree. Household Income was recorded separately as a four-category demographic variable. Please click here to download this file.