VIET NAM NATIONAL UNIVERSITY HO CHI MINH

University of Economic and Law

RESEARCH FINAL REPORT

Topic:
FACTORS AFFECTING THE PURCHASE
INTENTION ON ONLINE GAMES OF YOUNG
PEOPLE IN HO CHI MINH CITY

Field of science: Economic

Major: Marketing

Faculty: Business Administration

Ho Chi Minh City, March 12, 2024

 VIET NAM NATIONAL UNIVERSITY HO CHI MINH
University of Economics and Law

RESEARCH FINAL REPORT

Topic:

FACTORS AFFECTING THE PURCHASE INTENTION

ON ONLINE GAMES OF YOUNG PEOPLE IN HO CHI
MINH CITY

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Ho Chi Minh City, March 12, 2024

 VIET NAM NATIONAL UNIVERSITY HO CHI MINH
University of Economics and Law

RESEARCH FINAL REPORT

Topic:

FACTORS AFFECTING THE PURCHASE INTENTION

ON ONLINE GAMES OF YOUNG PEOPLE IN HO CHI
MINH CITY

Research team Instructors Chairman of the scientific

representative research council

Faculty/subject leaders

I
 ABSTRACT

The market for online game purchases is predicted to expand quickly, yet little
is known about the variables that influence these sorts of purchases among players.
This article aims to investigate factors affecting online game spending by young people
in Ho Chi Minh City. The model suggests measuring the following concepts: purchase
intention, social influence, emotional value, quality value, and economic value. The
suggested model was experimentally tested with 292 people in Ho Chi Minh City using
an online questionnaire. Data were analyzed using the Cronbach alpha reliability
method and the exploratory factor analysis method, and then Pearson correlation
analysis was performed to check the correlation between variables to confirm the
suitability of the theory. It was shown that players' purchase intents are directly
impacted by two emotional and economic values. The findings indicate that emotional
and economic value have the greatest influence on young people's intention to spend
money on online games. Quality value and social influence has a positive influence on
young people's purchase intentions but seems to have relatively less impact. In
particular, our research reveals notable variations in the judgments made by young
people of all ages and economic levels about how much money they spend on online
games. For players to make better decisions about whether to spend money on games,
online game businesses must consider both the emotional and economic sides of their
products.

II
 TABLE OF CONTENT

CHAPTER 1: INTRODUCTION........................................................................................................1
1.1. Reason for choosing the topic.......................................................................................................1
1.2. Overview of research situation.....................................................................................................4
1.2.1 Overview of the research situation in the world..........................................................................4
1.2.2 Overview of the research situation in Vietnam...........................................................................6
1.3. Objective......................................................................................................................................8
1.3.1. General objective........................................................................................................................8
1.3.2. Detail objective...........................................................................................................................8
1.4. Research questions.......................................................................................................................9
1.5. Research subjects and research scope...........................................................................................9
1.5.1. Research subjects........................................................................................................................9
1.5.2. Research scope..........................................................................................................................10
1.6. Research method........................................................................................................................10
1.7. The meaning of the research topic..............................................................................................10
1.8. Structure of the research.............................................................................................................11
CHAPTER 2: THEORETICAL BASIS AND RESEARCH MODEL............................................13
2.1. Overview of the online game market in Ho Chi Minh City........................................................13
2.2. Spending behavior in video games..............................................................................................14
2.3. Summary of related researches....................................................................................................15
2.4. Research models in related researches........................................................................................18
2.4.1. Model in “Factors Affecting Intent to Purchase Virtual Goods in Online Games” (Ho & Wu,
2012)................................................................................................................................................18
2.4.2. Model in “What drives in-app purchase intention for mobile games? An examination of
perceived values and loyalty” (Hsiao & Chen, 2016).....................................................................19
2.4.3. Model in “Purchasing behaviour on aesthetic items in online video games with real currency:
The case of Counter Strike: Global Offensive” (Rodríguez, 2017)................................................20
2.5. Theoretical basis..........................................................................................................................21
2.5.1 Theory of Reasoned Action (TRA) – Grounded theory............................................................21
2.5.2. Theory of Technology Acceptance Model (TAM)...................................................................22

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 2.5.3. Theory of Perceived Risk (TPR)..............................................................................................23
2.5.4. Theory of Flow.........................................................................................................................23
2.6. Proposed research model.............................................................................................................23
SUMMARY CHAPTER 2..................................................................................................................29
CHAPTER 3: RESEARCH METHODOLOGY..............................................................................30
3.1. Research design...........................................................................................................................30
3.1.1. Scale designing.........................................................................................................................30
3.1.2. Questionnaire design................................................................................................................40
3.2. Analysis method..........................................................................................................................41
3.2.1. Cronbach Alpha reliability.......................................................................................................41
3.2.2 Exploratory Factor Analysis......................................................................................................42
3.2.3. Pearson correlation coefficient.................................................................................................43
3.2.4. Linear regression......................................................................................................................44
SUMMARY CHAPTER 3..................................................................................................................45
CHAPTER 4: ANALYSIS OF RESEARCH RESULTS..................................................................46
4.1. Descriptive statistics of the survey sample..................................................................................46
4.1.1. General description...................................................................................................................46
4.1.2. Basic information of the survey sample...................................................................................46
4.2. Scale evaluation...........................................................................................................................48
4.2.1. Reliability analysis....................................................................................................................48
4.2.2. EFA (Exploratory Factor Analysis)..........................................................................................51
4.2.2.1. Exploratory Factor Analysis (EFA) for dependent variables................................................52
4.2.2.2 Exploratory Factor Analysis (EFA) for independent variables..............................................53
4.2.3. Pearson correlation analysis.....................................................................................................55
4.2.3.1. Comment on the correlation between independent and dependent variables........................57
4.2.3.2. Comment on the correlation between independent variables................................................57
4.3. Model validation and hypothesis testing.....................................................................................57
4.3.1. Linear regression analysis (without moderating variable)........................................................57
4.4. Hypothesis testing of purchase intent based on qualitative variables..........................................63
4.4.1. Hypothesis testing of purchase intent based on gender............................................................63
4.4.2. Testing the difference in purchase intent based on income......................................................66
4.4.3. Testing the difference in purchase intent based on spending...................................................68

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 3.4.4 Testing the difference in purchase intent based on age.............................................................71
SUMMARY OF RESEARCH RESULTS.........................................................................................73
CHAPTER 5: CONCLUSION AND DISCUSSION.........................................................................75
5.1. Conclusion...................................................................................................................................75
5.2. Discussion……………………………………………………………………………..………..76
5.3. Managerial implications..............................................................................................................77
5.4. Petition.........................................................................................................................................80
5.4.1. Limitation.................................................................................................................................79
5.4.2. Proposition................................................................................................................................81
APPENDIX 1: THE OFFICIAL SURVEY QUESTION TABLE...................................................83
APPENDIX 2: EVALUATION RESULTS OF SCALES USING CRONBACH’S ALPHA
RELIABILITY COEFFICIENT........................................................................................................90
APPENDIX 3: EFA RESULTS..........................................................................................................94
APPENDIX 4: PEARSON CORRELATION ANALYSIS RESULTS..........................................105
APPENDIX 5: REGRESSION ANALYSIS RESULTS.................................................................106
APPENDIX 6: INDEPENDENT SAMPLE T-TEST AND ONE-WAY ANOVA RESULTS......109
REFERENCES..................................................................................................................................116

IV
 ABBREVIATION LIST

STT ABBREVIATION MEANING

1 EMV Emotional Value

2 QV Quality Value

3 QVA Quality Value - Accessibility

4 QVF Quality Value - Flexibility

5 SI Social Influence

6 SIS Social Influence - Social Interaction

7 SIG Social Influence – Game influencer

8 EV Economic Value

9 EVP Economic Value - Price

10 EVR Economic Value - Reward

11 PI Purchase Intention

12 TPR Theory of Perceived Risk

13 TPB Theory of Planned Behavior

14 PCA Principal Components Analysis

15 TRA Theory of Reasoned Action

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16 TAM Theory of Technology Acceptance Model

17 Gen Z Generation Z

18 F2P Free to Play

19 EFA Exploratory Factor Analysis

20 PU Perceived Usefulness

21 PEOU Perceived Ease of Use

22 KMO Kaiser-Meyer-Olkin

23 Sig. Value/ p-value Significance Value

24 ANOVA Analysis of Variance

VI
 CHAPTER 1: INTRODUCTION
The research team presents the topic of our study, "Factors affecting the purchase
intention on online games of young people in Ho Chi Minh City," in this section. The
research team offers the research questions, explains the goals of the study, and gives a
summary of the local and worldwide research scene in addition to discussing the
reasoning behind selecting this issue. The research team also establishes the study's
general framework, outlines the research procedures, emphasizes the importance of the
issue chosen, and specifies the study's subjects and scope.

1.1. Reason for choosing the topic

The continued development of the Internet and technology has drastically altered
our daily lives and behavior. Computers, tablets, and smartphones are widely available
and can be utilized for a variety of tasks and activities. Additionally, the desire for
more applications and value-added services is being fueled by networking
advancements. Applications are software packages that are programmed to operate on
devices to execute a variety of functions, such as electronic mail, calendaring, web
surfing, social networking, and online gaming. Several surveys indicate that across all
application kinds, game applications have the highest income growth rates. The current
game application's main revenue models are divided into three types: paid games, free
games with in-app advertisements, and in-app purchases.
In fact, the majority of online games nowadays are "free-to-play," and those that
still rely on traditional business models have shifted more and more of their revenue
models in this direction. However, it is apparent that no game can endure without some
sort of revenue, therefore game developers have begun to provide virtual products
inside their games to acquire profits and target a wider range of potential customers.
(Hamari & Järvinen, 2011). In order to promote usage and encourage users to pay, an

1
increasing number of mobile game businesses provide "freemium" services, which
charge the user nothing for basic access but require payments in actual cash for greater
functionality or virtual items. (Staykova and Damsgaard 2015). That implies that users
are able to play online games without having to pay anything, and users may purchase
virtual goods - digital in-game items like life, clothes, weapons, tools, furniture, and so
forth - to create their own game characters, homes, and other things. Free games with
in-app purchases have the highest overall revenue and growth potential among the
three business models - free games with in-app purchases, paid games, and paid games
with in-app purchases - without involving advertising revenue (Distimo, 2014). In-
game purchases have become a popular commercial strategy to boost revenue from
game applications. However, selling virtual goods has its specific obstacles (only 2%
of registered users convert into purchasing consumers, according to Forbes, 2013). For
players to consider virtual goods desirable, game developers must first figure out how
to build up demand for them. In other words, they need to identify how to design the
game effectively to justify and add value to the virtual products. This forced developers
to work out a delicate balance between making the game as entertaining as possible
and trying to implement gameplay restrictions that would encourage users to buy
virtual goods. (Hamari, 2011; Hamari & Järvinen, 2011; Hamari & Lehdonvirta, 2010).
Since creating profit is one of the most important considerations when developing a
game application, it is critical for game developers to comprehend the factors that
influence users' in-app purchase behaviors. If players are satisfied with the goods and
services they use in games, this will result in sustained revenue for the gaming
industry.
According to GenK, in the Vietnamese market in 2018, the online gaming industry
as a whole had a fairly high growth rate of up to 17%, reaching a revenue of 322
million USD compared to 275 million USD in 2017 (Tomorrow Marketers, 2020). The
gaming community in Vietnam is also one of the largest in the region. According to

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statistics from the Vietnam Software Enterprise Association (VINASA), the number of
mobile game players in Vietnam in 2018 was 33 million people, forecast to reach 40
million people in 2020. But in fact, the number of Vietnamese players in 2020 was 55
million, showing an increase of 5.6% compared to 2019 (Tomorrow Marketers, 2020).
However, the Vietnamese video game market is also facing significant challenges.
First, the video game industry in Vietnam is still viewed in the unfavorable eyes of the
people, partly due to inadequate development that affects the spending intention of the
young people - which are greatly restricted by family and society. Second, most of the
games being released are imported from abroad, especially from China and Korea.
Because it is an imported game, the content is not necessarily suitable for Vietnamese
culture. That's why many people are concerned that Vietnam doesn't really have a true
game industry. Third, the desire to profit from video games has increased, causing
game titles to be rushed to the market, not enough to meet the entertainment and
spending needs of young people. Speaking at the Vietnam Game Forum within the
framework of Vietnam Game Festival 2023, Mr. Le Quang Tu Do, Director of Radio,
Television and Electronic Information (Ministry of Information and Communications)
said that the Ministry of Information and Communications set a goal in the next 5 years
for the Vietnamese game industry to reach a revenue of 1 billion USD, the number of
publishing units to 100 - 150 businesses, attracting about 400 new startup projects in
this field (Ngoc, 2023).
To date, there has been little research on why Vietnamese gamers, especially the
young ones, spend money on video games. Based on the above reality, the research
team believes that there needs to be serious and complete scientific research on the
level of spending and the factors that determine the level of spending on video games
in Vietnam. thereby providing development directions for businesses, publishers, and
game developers. For those reasons, the research team decided to choose to carry out

3
the topic: "Factors affecting the spending intention on online games of young people in
Ho Chi Minh City".
1.2. Overview of research situation
1.2.1 Overview of the research situation in the world
In an increasingly developing world, especially in recent years, the strong
development of the Internet and increasingly advanced technological devices have led
to an explosion in demand for video games. NewZoo Global Games Market Report
(2023) indicates that:

The Asia-Pacific region reasserts its dominance by contributing 46% of the

worldwide gaming revenue ($85.8 billion), followed by North America (27%;
$51.6 billion), Europe (18%; $34.4 billion), Latin America (5%; $8.8 billion),
and MENA (4%; $7.2 billion).
In addition, free-to-play (F2P) games are gradually replacing real games (which
must be purchased or require a monthly maintenance subscription). According to
Brockmann, Stieglitz, & Cvetkovic (2015), in Apple's App Store, the top 300 game
applications were analyzed, and the results showed that the majority of downloadable
applications applied the F2P model. This model has become an increasingly popular
revenue model for the video game industry as it encourages players to purchase virtual
goods while playing the game (Alha et al., 2014).
Because the boom and growth potential of the video game industry is undeniable, it
has received a large amount of attention from both developed and developing
countries, from which many research articles revolve around has been done.
In the US, many researchers have found the influence of social factors on spending
intentions in video games, specifically the number of friends and the exchange of in-
game items can increase the propensity to spend tend to spend more, in addition, the
data also shows that people who spend a lot of money will like to buy special goods,

4
different in appearance, while those who spend less will buy the necessities needed to
maintain their lifestyle. maintain long-term gaming activity (Wohn, 2014).
In Australia, researchers have devised and analyzed game strategies to attract more
players, thereby increasing spending on video games. These strategies include: layered
content, inconvenient gameplay elements, means of exchange, inventory mechanics,
special events, artificial scarcity, content variation (Flunger et al., 2017).
In the UK, the research article ‘’The changing face of desktop video game
monetization: An exploration of exposure to loot boxes, pay to win, and cosmetic
microtransactions in the most-played Steam games of 2010-2019’’ mentioned forms
that can attract players to spend more on the game, it is called “microtransactions” that
allow players to purchase in-game items, rewards and services. There are three types of
microtransactions: Aesthetic microtransactions (such as cosmetic changes to the game
or new outfits), pay-to-win microtransactions (purchase items or rewards that can
increase the player's chances of success in the game), and types of loot boxes (Zendle,
2020). Players can receive random rewards of uncertain value, increasing the
randomness of all in-game purchases.
In addition, in Finland, another typical research paper conducted by the author
group Juho Hamari, Kati Alha and colleagues ‘’Why do players buy in-game content?
An empirical study on concrete purchase motivations’’ (Hamari & Alha et al., 2017)
has shown reasons that can influence players' spending more or less such as:
Unobstructed gameplay, social interaction, competition, savings reasons, pampering
children and unlocking content, and at the same time, the results also indicate that
purchase motivation for unhindered gameplay, social interaction, and economic
reasons are positively related to the amount of money players spend on in-game
content.
The influence of video games is also quickly spreading to Asia, typically with
research by Cheng-Hsun Ho and Ting-Yun Wu in China on the topic ‘’Factors

5
affecting intention to purchase virtual goods in online games’’ (Ho & Wu, 2012) to
present research results showing:
Game type is a moderating variable that affects the intent to purchase virtual
goods. It demonstrated that role-playing game users are affected by the theory of
consumption values: functional quality, playfulness, and social relationship
support. Moreover, war-strategy game users are affected by satisfaction with the
game, identification with the character, and theory of consumption values: price,
utility, and playfulness.
Although there have been many research articles analyzing microtransactions,
factors, and game development strategies to attract more spending from players, the
research articles focusing on the factors influencing young people's spending intention
are still very limited in Vietnam.

1.2.2 Overview of the research situation in Vietnam

According to the Newzoo 2022 report, for the general level of the world, video
games are still growing very strongly, but the mobile game market revenue in each
country of Southeast Asia is growing unevenly and not proportional to the number of
players in each country. Vietnam is the third country in Southeast Asia (after Indonesia
and the Philippines) in the number of mobile game players (54.6 million, or more than
50% of the population of 100 million), but revenue is still quite modest compared to
the number of players when it only reached 507 million USD (after Indonesia with 1.4
billion USD and Thailand with 763 million USD) (Ngoc, 2023).
The COVID-19 pandemic has had a significant impact on organizations and
businesses in the field of video games, not only foreign businesses but Vietnamese
businesses also face many difficulties in fully recovering after a pandemic long period
of blockade. Ms. Nguyen Thuy Dung, Director of SohaGame, said that most businesses
providing video game services currently have average revenue and low profits. In the

6
last two years, businesses in the industry have faced difficulties due to the global
economic recession, with many units dissolving or going bankrupt. In 2022, the
Vietnamese gaming industry will have more than 10 businesses closing down, even
companies in the Top 10 will have to reduce their staff by at least 40%, the difficult
situation has not yet shown any positive changes (Van, 2023).
In addition, tax is also a difficult issue as it directly affects the costs and operations
of Vietnamese businesses. Van (2023) believes that imposing a special consumption
tax will not achieve the purpose of guiding consumption and limiting services. Because
in the current market, the number of licensed games accounts for less than 30%, the
rest belongs to unlicensed games provided by foreign businesses providing cross-
border services. Nguyen Thuy Dung shared: ’’Special consumption tax can only be
implemented on licensed games of domestic businesses, increasing the cost of using
services and eliminating the competitiveness of domestic enterprises’’ (Van, 2023).
Therefore, if unlicensed, low-cost foreign games develop and occupy a large market
share, it will be very difficult for video game businesses in Vietnam to compete and
may be dissolved or go bankrupt,... especially when special taxes are applied to the
Vietnamese market, thereby increasing the cost of operating the game, imposing on the
value of in-game items, leading to a decrease in players' demand and spending
motivation. For the country's e-commerce industry, although there have been certain
innovations, management is still not really effective (Trang, 2020).
However, if this challenge is overcome, this will be a great opportunity for
Vietnamese electronics businesses to develop. Therefore, the government urgently
needs to introduce policies to create conditions for the Vietnamese video game
industry. In short, game developers have to be aware of gamers’ motivations to design
games that are suitable for every kind of player and attract as many of them as
possible.

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 Another reason why the game sector in Vietnam is less attractive than that of in
foreign countries is the disparities between Vietnam's level of science and technology
compared to that of the rest of the world. According to Chu (2019), respondents
express a lot of interest in the challenges, graphics, and virtual environment of the
game. The respondents also provide excellent marks for the challenges' difficulty,
update frequency, and personalization after these features. On the other hand,
participants are less interested in the scoring systems, music, and communication tools
(particularly voice messages).
After studying research articles on factors affecting the spending intention of game
participants in Vietnam and abroad, for research articles in foreign countries such as
China and Thailand, our team sees the huge potential that can be exploited in the video
game industry in Vietnam. And there hasn't really been any research focusing on those
factors that affect young people in Vietnam that really stands out. Therefore, in the
research article, the team focused on investigating the factors that influence
Vietnamese youth's intention to spend on video games.

1.3. Objective
1.3.1. General objective
The research team looked at the existing environment and assessed the Vietnamese
game industry to determine what elements affect young people in Ho Chi Minh City's
intention to spend money on online games. The research team would like to suggest
solutions to develop the online game industry in Ho Chi Minh City specifically and
Vietnam generally positively and consistently based on the findings of the
investigation. Additionally, it affected how society views this kind of business.

8
 1.3.2. Detail objective
First, examine the present situation of the Vietnamese game industry, its challenges
relative to other parts of the world, and why has Vietnam not optimized this type of
business.
Second, determine the variables that affect young people's intention to spend money
on online game services and products in Ho Chi Minh City by calculating the average
monthly spending on online games. After that, examine the relationships and
correlations between the variables that affect the choice to spend money on online
games.
Third, analyze social opinions and attitudes toward the Vietnamese game industry.
From there, offer suggestions for measures to manage spending and raise the
financial awareness of young people in Ho Chi Minh City, additionally, keep coming
up with ideas for ways to promote the Vietnamese game industry positively and
influence how society views this part of the economy.

1.4. Research questions

With the stated objectives, the study will answer the following research questions:
- Which factors affect the spending intention on online games of young people in
Ho Chi Minh City?
- To what extent do the identified factors affect the spending intention on online
games of young people in Ho Chi Minh City?
- What solutions and management implications can be proposed to help game
publishers promote spending intention on online games among young people in Ho Chi
Minh City, thereby developing the game industry?

9
 1.5. Research subjects and research scope
1.5.1. Research subjects
- Research object: Factors affecting the intention of young people in Ho Chi Minh
City who spend on online games.
- Survey object: Young individuals between the ages of 16 and 25 in Ho Chi Minh
City who spend money on online games.

1.5.2. Research scope

- Survey scope: The scope of the study will focus on factors affecting the intention
of young people in Ho Chi Minh City to spend on online games, the research team's
target audience for information collection is young individuals between the ages of 16
and 25, particularly students.
- Survey duration: from November 2023 to February 2023.

1.6. Research method

To conduct the research, the team utilizes a quantitative method: The research
group collects information and data in numerical form, with statistical characteristics,
to obtain fundamental and general insights into the online video game industry. This is
done to serve the purposes of statistics, analysis, and quantification of data. The team
will begin by sampling through a survey and then conducting a formal survey targeting
young people aged 16 to 30 in Ho Chi Minh City. The survey will be conducted online
using Google Forms sent via email. The sample size chosen is about 250 respondents.
After data collection, the team will analyze the data using the SPSS software,
incorporating various statistical tests. The reliability of the measurement scale is
assessed using Cronbach's Alpha coefficient and exploratory factor analysis (EFA).
The team will continue with regression analysis and hypothesis testing to determine the

10
influencing factors and the extent of their impact on the spending intention of young
people in online video games.

1.7. The meaning of the research topic

In practical terms, through various studies and theoretical foundations, the research
holds the following significance:
Firstly, it analyzes the current state of the electronic gaming industry in Vietnam,
examining the challenges faced by this sector in Vietnam in comparison to the global
market. The research aims to understand why Vietnam has not yet optimized this
business model.
Secondly, it evaluates the average monthly expenditure on electronic games,
identifying the factors influencing spending intention for gaming services and products
among young people in Ho Chi Minh City. Through this analysis, it explores the
relationships and correlations between these influencing factors and the intention made
regarding expenditures on electronic games.
Thirdly, the study assesses society's attitudes and perceptions regarding the
electronic gaming industry in Vietnam.
Lastly, the research provides recommendations for managing expenditures and
enhancing financial awareness among young people in Ho Chi Minh City.
Furthermore, it continues to propose solutions for developing the electronic gaming
industry in Vietnam in a positive direction. It also advocates for changing societal
perceptions about this type of business.

1.8. Structure of the research

The research is organized as follows, excluding the conclusion, table of contents,
list of figures and charts, references, and appendices:
Chapter 1: Overview of the research topic and introduction

11
 This chapter will include the research team's rationale for selecting the topic, a
summary of the global and Vietnamese research landscapes, the research objectives,
the research question, the topic and extent of the study, the research methods selected,
the topic's significance, and the format of the research that the team has devised.
Chapter 2: Theoretical Basis and Research Model
This chapter focuses on analyzing and clarifying the content related to the concepts
of the topic, foundational theories used to develop hypotheses and research models.
Additionally, it includes an overview of the historical research context, enabling the
identification of existing issues and gaps in the research. The chapter constructs and
proposes the research model, formulates hypotheses regarding the factors in the
research model, and suggests the proposed research measurement scales.
Chapter 3: Research Methodology
In this chapter, the research team presents the research process, research methods,
methods for selecting survey samples, construction of questionnaires, scales,
information collection procedures, and data analysis methods.
Chapter 4: Analysis of Research Results
The research results will be synthesized and presented specifically through
processed data tables. Subsequently, the measurement scales will be evaluated, and the
data will be analyzed and tested to provide explanations and conclusions.
Chapter 5: Conclusion and Discussion
In this chapter, the research team presents notable results obtained from this study.
Additionally, it provides several directions for future development for businesses,
publishers, and game developers.

12
13
 CHAPTER 2: THEORETICAL BASIS AND RESEARCH MODEL
In this chapter, the research team builds the research model and explores the
theoretical foundations of the investigation. The sections that follow offer a thorough
examination of all the important facets of spending and online gaming. The group
starts by giving a general review of the Ho Chi Minh City online gaming market,
looking at its trends, player demographics, and dynamics. The study team then
examines how much money is spent on video games to identify the elements that
influence in-game purchases made by young people. The research team uses insights
from the body of existing literature to give an overview of related studies to
contextualize the findings. This part then explores the research theory and research
model, analyzing the theoretical foundations that direct the study. Within this
framework, the research team outlines the research hypothesis and suggests a research
model. This section concludes by introducing the suggested framework, which acts as a
guide for the empirical investigation.

2.1. Overview of the online game market in Ho Chi Minh City

The online gaming market in Ho Chi Minh City has become one of the most
important and rapidly growing markets in Vietnam. According to a report by DataAI &
AppMagic cited at the Think Apps 2023 event, Google stated that from 2019 to Q1-
2023, Vietnam has risen to the 5th position globally in terms of app downloads, with a
total of 4.2 billion downloads. According to the Department of Broadcasting,
Television, and Electronic Information, in 2022, the online gaming market in Vietnam
generated approximately VND 32.6 trillion in revenue, with Ho Chi Minh City
contributing around 40% of this figure. Data also reveals that the online gaming market
in Ho Chi Minh City is currently experiencing robust growth and has significant
potential.

14
 With its dense population and high literacy rate, Ho Chi Minh City provides a
favorable environment for the development of the online gaming industry. According
to statistics from VNG, in 2022, Ho Chi Minh City had approximately 5 million
gamers, accounting for about 13% of the total number of gamers in Vietnam. Esports is
becoming a major entertainment industry worldwide, and Ho Chi Minh City is one of
Vietnam's key esports hubs. Game publishers are focusing on developing esports titles
to attract players and increase sales.
Furthermore, the mobile gaming market gained prominence after the COVID-19
pandemic. In 2022, the mobile gaming market in Vietnam generated $1.1 billion in
revenue, with Ho Chi Minh City alone contributing around 50% of the nationwide
total. Ho Chi Minh City is also home to many major game publishing companies such
as VNG, Topebox, and VTC Game, and hosts significant gaming events like the
Vietnam Game Show (VGS), Garena World, Vietnam Esports Festival (VEF), to
enhance the connection between gamers and game publishers.
The potential lies not only in the availability of a skilled workforce but also in the
government of Vietnam's supportive policies for the online gaming industry, aiming to
create conditions for growth and development in Ho Chi Minh City. The online gaming
market in Ho Chi Minh City is thriving and holds promising prospects. With advancing
technology and changing player preferences, it is expected to continue flourishing in
the foreseeable future.

2.2. Spending behavior in video games

Spending behavior in online games refers to the patterns and habits that players
exhibit when making purchases within the game. Video games often offer various
virtual goods, services, or additional content in some virtual stores, which can be
acquired through real or in-game currency.

15
 When the game became widespread all over the world, it created loads of
opportunities for anyone to encourage their spending behavior due to technology
enhancement. Games have their unique economy (Lehdonvirta, 2009), and in just a few
decades, video games have their macroeconomic trends, which are growing into a
global industry of enormous proportions. Between 2009 and 2012, the games industry
was estimated to be developing four times faster than the US economy, and superior to
the entertainment industry’s development, such as cinema, music, video, and books
(Santasärkkä, 2017).
The gaming industry has a complicated system, which is to consolidate players’
awareness, curiosity, and sense of exploring novels so that it can further attract more
and more gamers to trade, exchange in-game items, customize clothes or characters’
skin, and fight for loot items. It has been found that there are several factors that affect
spending behavior both positive and negative aspects. In a recent study, when
purchasing items for cosmetic or aesthetic reasons is compared to some functional
purposes that provide a simple performance advantage (e.g. “5% faster”, “10 points
more damage”) (Lehdonvirta, 2009). Wohn (2014) found that players considered high
spenders often spend more money on cosmetic items, while those who spend for
functional purposes tend to spend little money
Ultimately, spending behavior in video games varies from player to player and is
influenced by personal preferences, financial capacity, perceived value, and overall
engagement with the game.

2.3. Summary of related researches

Hamari (2017) states that the researchers compile a list of specific incentives to buy
in-game content based on how the games are made. These incentives are then grouped
into six categories: unobstructed play; social interaction; competition; economical
rationale; indulging the children and unlocking content.

16
 Purchase motivations of unobstructed play, social interaction, and economical
rationale were positively associated with how much money players spend on in-game
content.
Firstly, the “unlocking content” and “indulgence children” motivations do not
clearly load onto any of the factors as exceptions to factors constructed from numerous
elements below. However, the descriptive analysis shows that, on average, “unlocking
content” was reported as the biggest motivation (M = 4.963), while the “indulgence
children” appears as the least significant factor on average (M = 1.927).
Secondly, “unobstructed play” consists of purchase reasons for continuing to play
smoothly without interruptions or distractions, because many free-to-play game
designs, for example, discourage players from extending gaming experiences unless
they use real money. The descriptive analysis makes it obvious that "continuing play,"
with a mean scale value of M = 3.019, was the primary source of this component.
The second factor, “social interaction” covers purchase incentives connected to
social self-image and interaction, such as giving gifts to friends, not spamming others,
and attending a particular event. Surprisingly, players don't seem to mind missing out
on a rare event in the game that only takes a mean scale value of M = 2.229.
"Competition" refers to the desire to become the best player and show off yourself,
making it more reasonable to purchase. With mean scale values of 1.584 and 1.855,
respectively, it seems that the desire to show off to friends and showcase
accomplishments is not the primary motivator.
The fourth element, “economic rationale” includes purchase motivations related to
economic reasons for purchases, such as acceptable pricing and exceptional offers that
occur unexpectedly on a particular occasion. It's unexpected that in-game purchases
may be made by supporters of a well-made game, as seen by the high mean scale value
of 4.763.

17
 Derived from the above-influencing factors, the research team continued to conduct
a review and go deeper into many studies related to the topic. In the above research
paper, Hamari, Alha, et al. indicate six factors.
‘’However, the latter two dimensions have been shown to not be as predictive as the
others. Unlocking content showed to be too general of a category in the survey without
providing concrete reasoning for purchase motivations while indulging children was
too narrow and specific. Thus, the focus of this section is placed on the first four
factors’’ (Flunger, 2017).
The above factors all have a positive impact on young people's spending intentions
because they take advantage of impatience in waiting (unobstructed play),
competitiveness, and taking advantage of special occasions which are attract players to
spending more money (economic rationale), and in-game relationships, where players
can show off their achievements and give each other gifts.
In addition to focusing on researching factors that influence player spending, the
research team also needs to explore and learn strategies that game makers can apply
and develop to attract, create more opportunities for young people to access and
engage, which is contributing to increasing game awareness. Based on the above
influencing factors, Flunger (2017) had elaborated on seven strategies, i.e. stratified
content, inconvenient gameplay elements, mediums of exchange, inventory mechanics,
special occasions, artificial scarcity, and alterations of content. To do so, customer
lifetime value theory has shown to be a useful notion in segmenting customers and
finding those who are exceptionally valuable from a business standpoint.
Ho and Wu (2012) insist that game type is a moderating variable that affects intent
to purchase virtual goods which is clarified in their research about ‘’Factors affecting
intent to purchase virtual goods in online games’’. This study complements previous
studies on influencing factors based on a new theory, the theory of consumption values,
and consolidates three major factors affecting young people's spending intentions:

18
functional quality, playfulness, and social relationship support. In addition, Ho and Wu
(2012) found that not only players’ enjoyment and how they customize their characters
in the game but also consumption values theory affects war-strategy game users: price,
utility, and playfulness. The study also presents conclusions, proposes applications, and
describes opportunities for further research.
According to Ho and Wu (2012), theory of consumption values include: functional
values, emotional values, social values, epistemic values, and conditional values. It is
assumed that when making a intention to buy a certain product, consumers will
consider many aspects whether the product meets the features that users need
(functional value), their feelings towards that product, negative or positive (emotional
value), whether the product creates a connection from the user to the product or not
based on some certain characteristics (social value); with epistemic values which are
related to product characteristics that promote customer curiosity or freshness.
Conditional values are product or brand characteristics that create functional or social
value under specific circumstances.

2.4. Research models in related researches

2.4.1. Model in “Factors Affecting Intent to Purchase Virtual Goods in
Online Games” (Ho & Wu, 2012)
According to Ho and Wu (2012), the research results show that game type is a
moderating variable that affects the intention to purchase virtual goods. Furthermore, it
was revealed that users of role-playing games are influenced by the theory of
consumption values, which includes aspects such as functional quality, enjoyment, and
support for social relationships.

19
 Figure 2.1. Research model to show that satisfaction with the game, identification
with the character, and functional, emotional, and social theory of consumption values
affect intent to purchase virtual goods in online games of Taipei University in Taiwan
(Ho & Wu, 2012)

2.4.2. Model in “What drives in-app purchase intention for mobile games?
An examination of perceived values and loyalty” (Hsiao & Chen, 2016)
According to Hsiao and Chen's study, players' perceived values—such as
enjoyment, flexibility in access, social connectivity, fair pricing, and rewards—as well
as their devotion to mobile games have a big impact on their intentions to make in-app
purchases. The study revealed that purchase intentions were directly influenced by
loyalty and competitive pricing, with notable distinctions between gamers who paid
and those who did not. This emphasizes how crucial it is to foster loyalty and perceived
value in order to promote in-app purchases.

20
 Figure 2.2. Research model targeted the users of Tower of Saviors (ToS) in
Taiwan about four values towards game loyalty and purchase intention
(Hsiao & Chen, 2016)

2.4.3. Model in “Purchasing behaviour on aesthetic items in online video

games with real currency: The case of Counter Strike: Global Offensive”
(Rodríguez, 2017)
The intention to purchase attractive virtual goods was significantly influenced by
emotional and symbolic perceived values, whereas gaming enjoyment and experience
had a less significant effect (Rodríguez, 2017).

21
 Figure 2.3. Research model of factors affecting items purchase intention of
Counter Strike game users (Rodríguez, 2017)

2.5. Theoretical basis

2.5.1 Theory of Reasoned Action (TRA) – Grounded theory
The Theory of Reasoned Action (TRA), established by Fishbein in 1967 and later
revised and expanded by Ajzen and Fishbein (1975), posits that behavior is determined
by the intention to perform the behavior. Intention is a cognitive state prior to
performing the behavior, acting as a factor leading to behavior execution. Therefore,
behavioral intention (BI) is the most significant factor in predicting behavior.
Behavioral intention is influenced by two factors: Attitude toward Behavior and
Subjective Norm.
The Theory of Reasoned Action (TRA) is a cognitive theory that explains how an
individual's attitudes and subjective norms influence their intention to engage in a

22
particular behavior. The Theory of Reasoned Action (TRA) can be a strong foundation
for the research for focuses on intention. Behavioral intention, a reliable predictor of
actual conduct, is predicted by TRA. Understanding the variables that affect people's
intentions might provide you with important insights into how to encourage desirable
actions in the field of research. The Theory of Reasoned Action (TRA) states that
through the intervening impact of behavioral intention, an individual's attitudes toward
carrying out the conduct in issue may significantly predict their behavior (Al-Suqri &
Al-Kharusi, 2015). Gaining insight into the factors influencing people's intentions
might help you predict their likely behavior. Gaining insight into the factors
influencing someone's intentions might help you predict their future behavior. The
effect of all other external environment elements on attitudes and subjective standards
only serves as an indirect means of influencing conduct. It is possible to create focused
tactics to encourage desirable actions by determining the elements influencing
behavioral intentions. By emphasizing purpose, TRA offers a precise framework for
comprehending and affecting behavior, assisting scholars and practitioners in creating
efficient treatments and tactics.

2.5.2. Theory of Technology Acceptance Model (TAM)

Building on the Theory of Reasoned Action (TRA) by Ajzen and Fishbein, in 1989,
Fred Davis developed the Technology Acceptance Model (TAM). The purpose of this
model is to explain the factors influencing the acceptance of technology that leads to
human behavior. In this model, Davis introduced two new variables, Perceived
Usefulness (PU) and Perceived Ease of Use (PEOU), replacing the attitude and
subjective norm variables. Davis (1989) defined Perceived Usefulness (PU) as the
degree to which an individual believes that using a system will enhance their job
performance, and Perceived Ease of Use (PEOU) as the degree to which a person
believes that using a specific system would be free of effort. The results of the tests

23
conducted by the author showed that Perceived Usefulness (PU) is a primary
determinant factor and Perceived Ease of Use (PEOU) is a secondary determinant
factor.

2.5.3. Theory of Perceived Risk (TPR)

In the Theory of Perceived Risk (TPR), Bauer (1960) addressed that consumer
behavior in the context of information technology is always accompanied by risks. This
includes two factors: (1) Risk perception related to the product/service, which can be
categorized into several types: loss of functionality, financial loss, time expenditure,
opportunity loss, and overall risk perception towards the product/service. (2) Risk
perception related to online transactions (risks that may occur when consumers conduct
e-commerce transactions on electronic media/devices related to: confidentiality, safety
- authentication, non-repudiation, and overall risk perception about online
transactions).

2.5.4. Theory of Flow

Csikszentmihalyi (1975) introduced the concept of flow in his landmark book in
1975. He stated that individuals could enter a state of "Flow," where they are in a state
of intense focus and experience a shift in their perception of controlling activities. They
also feel a union between their conscious awareness and the activity they are engaged
in. Csikszentmihalyi (1975) also argued that people in the state of "Flow" perceive time
differently than usual, with time generally seeming to pass more quickly while they are
engaged in the activity. They also feel "lost" in themselves and temporarily forget their
everyday worries. Csikszentmihalyi (1975) believed that human performance in many
different tasks is enhanced when an individual enters the state of "Flow."

24
 2.6. Proposed research model
Purchase Intention
According to Schiffman and Kanuk (1994), consumer behaviour is the way that
customers search for, acquire, employ, and assess different goods and services that
satisfy their requirements. This type of behaviour is brought about by anything that
stirs up consumer desire and, via a black box, a strong feeling of the buyer; emotions
are impacted by the type of buyer and the decision-making process (Kotler, 2002).
Purchase intentions, which are impacted by a number of incentives, are a prerequisite
for guiding actual purchase behaviour. In the context of online gaming, buy intention is
a crucial factor that influences user behaviour in the direction of genuine in-app or
virtual goods purchases. It shows how willing or inclined gamers are to spend money.
It symbolizes gamers' propensity or willingness to spend money in the virtual world of
games. Numerous factors impact purchase intention, as the suggested study model
makes clear. These factors include emotional value, quality value, social influence, and
economic value. Each of these factors influences players' intent to spend money on
virtual goods in a different way.

Emotional Value
Video games account for a large amount of time-spending among almost all
children and teenagers (Granic et al, 2014). Therefore, it is noticeable that mental
development and well-being of mammals are affected by playing, which is considered
as a pivotal role in lives (Power, 2000). Playing games can lead to some kinds of
feelings and affective states of players so-called playfulness, which refers to enjoyment
positively, so this positive emotion (excitement, enjoyment) will tend to continue and
last for a long time in pursuit of self-filling values, which leads to loyalty and payment
propensity.

25
 Kim (2009) and Wei and Lu (2014) state that enjoyment or playfulness positively
affects the intention to use mobile services. According to several researchers, the most
influential feature that positively influences consumers' inclination to pay for mobile
value-added services is a playful user experience (Wang & Li, 2012).
H1: “Playfulness’’ increases intent to purchase virtual goods in online games.

Quality Value
Basically, a player may see the most value in getting everything for free, while
stakeholders want to generate as much revenue as possible. So most of these studies
have been conducted from the client's or the player's perspective.
Quality value is defined as the utility derived from the perceived quality and
expected performance of the service of the online game (Hsiao and Chen 2015), or as
Yoo 2016 said, it captures the utility resulting from quality perception and performance
expectation.
In this study, the research team considers that the quality value has two minor
factors: flexibility and accessibility. Research conducted by Wei and Lu states that
flexibility refers to the degree to which a user can play a mobile game at any time and
can control the period of time to play. With asynchronous gameplay, players may enjoy
playing mobile games anytime they want. They can purchase virtual products and gain
access to enhanced features by spending virtual currency. Accessibility in use means
the effectiveness; efficiency in use and satisfaction of players (Wibawa et al. 2018); it
refers to how players are able to access the game and relate to the game reach (Valente
et al. 2015). In addition, the game should be developed using an easy-to-access
platform that is related to the platform's quality.
To allow consumers to play the game at any time, the service provider must
improve the accessibility and quality of its platform in order to eliminate the sensation
of discomfort. Previous study has shown that as the service industry has grown, the

26
concept of service quality has grown in importance (Ma et al. 2005). Lin (2007)
revealed that a website's quality and value boost visitors' intent to stay and transact on
the website. As a result, enhancing the website's quality value might increase a player's
loyalty and payment intention. Therefore, the research team proposes the following
hypothesis.
H2. Flexibility positively influences purchase intention on online games.
H3. Accessibility positively influences purchase intention on online games.

Social Influence
According to Guo and Barnes (2007), social influence explains that when a player
finds engaging in a virtual gaming community to be entertaining, they are more likely
to acquire virtual goods to advance their character abilities. Players' behavioral
intention to buy virtual goods is still significantly predicted by social influence,
particularly for those who are new to the virtual gaming community.
In this research, the research team defines two minor factors of social influence:
Game influencers and Social relationship. Compared to celebrities, influencers are
perceived as more credible, closer to the audience, and easier to identify with, leading
to a higher efficacy of influencer marketing (Jin et al., 2019). The gaming sector, one
of the largest modern online entertainment industries, is one area of the contemporary
online industries where influencer marketing is applied, but has received little research
attention (Richter, 2020). Streaming has gained popularity because it allows players to
communicate socially and engage with the community of games they enjoy, improving
their skills at the same time. Influencers in the video game industry have the power to
change their followers' playing patterns, including whether or not they decide to spend
real money on particular in-game purchases. Brands that use video game influencers to
promote their products rely on their credibility since the opinions of these people have
the potential to increase sales (Sankosik, 2020).

27
 The social interaction hypothesis states that social interaction drives behavior and
that, in a social commerce setting, merchants who have more access to users rather
than those who are at the network centre will profit the most. Researching social
community interaction mechanisms is beneficial to the long-term growth of e-
commerce. Due to the effect of users' traits and actions within the gaming community,
friends in the vicinity may have an impact on their purchase intention. Furthermore, the
degree of closeness between users determines whether or not they accept interactive
material (such as in-game product suggestions, user experiences, etc.). According to
Liang et al., users often interact more often with friends who have deeper ties and are
more open to their viewpoints (Liang et al., 2011). Therefore, the research team
proposes the following hypothesis.
H4. Game influencers positively influence purchase intention.
H5. Social interaction positively influences purchase intention.

Economic Value
Economic/Price value refers to the exchange between the benefits that the users
receive and the costs of obtaining the technology (Venkatesh, Thong, & Xu 2012). If
the benefits that users receive outweigh the costs, users will be more inclined to adopt
it.
Price refers to the utility derived from a mobile game service because of a reduction
in its perceived short-term and long-term costs (Lu and Hsiao 2010). Price is often
utilized as the key measure to indicate the sacrifice made by consumers in order to
receive a product/service. This study defines good price as the degree to which a
consumer believes that the mobile game service received was worth the monetary cost
(Chu and Lu 2007). Each individual has a distinctive perception of the price he or she
is willing to pay. A product's or service's price represents a monetary sacrifice. If users
feel that the mobile game service they received was worth the price they paid, their

28
evaluation of the value received for that price would be high. Hsiao & Chen (2016)
refer to economic value as good price and their study results in a positive relationship
between good price and purchase intention for both paying players and non-playing
players in mobile games. Guo & Barnes’s (2011) study also resulted in a positive
association between good price and users’ intention to purchase virtual items in the
virtual world. More past studies have also shown that a good price increases users’
positive attitude and their payment intention (Lu and Hsiao 2010; Hsiao 2013).
Therefore, the following hypotheses can be proposed.
H6. Good price positively influences in-app purchase intention.
The reward acquired within the mobile game is another factor for the economic
value. In this study, the term "reward" refers to the benefits obtained or experienced
while playing the mobile game. As players improve in many mobile games, they earn
more virtual rewards, such as game points or virtual money/products. These rewards
can help the player play the game even better and can enhance both the perceived value
and customer loyalty (Yi and Jeon 2003). Free/additional rewards earned in games may
convince users to believe that the game is worth the price. Furthermore, prior empirical
research has identified perceived value as a major determinant of customer loyalty in
retailing services and online services (Yang and Peterson 2004).
Thus, the following hypothesis can be proposed.
H7. Rewards positively influence in-app purchase intention.

29
 On that basis, this study proposes the following hypothesis:

Figure 1.4 - Proposed Research Model

SUMMARY CHAPTER 2
Chapter 2 lays a foundation for exploring the spending intentions of young
individuals on online games in Ho Chi Minh City by methodically reviewing relevant
literature and identifying key theoretical frameworks. Building on this, the chapter
proposes an innovative research model focusing on emotional value, quality value,
social influence, and economic value as pivotal factors influencing spending intentions.
This conceptual framework not only anchors the study within established consumer
behavior theories but also guides the subsequent empirical investigation aimed at
deepening our understanding of online gaming consumption patterns among youth.

30
 CHAPTER 3: RESEARCH METHODOLOGY
In this section, the research model is constructed, and the theoretical foundations of
the investigation are explored. Subsequent sections thoroughly examine spending
behavior in online gaming. The chapter commences with a concise overview of Ho Chi
Minh City’s online gaming market, considering trends, player demographics, and
dynamics. Next, an analysis of spending patterns in video games identifies factors
influencing in-game purchases among young individuals. Insights from existing
literature contextualize the findings. Additionally, the research theory is explored, a
model is proposed, and the framework guiding the empirical investigation is
introduced.

3.1. Research design

3.1.1. Scale designing
After consulting related sources and research works, the research team has designed
a scale used to measure the factors in the study. To complete the scale table, the group
combined conclusions from the process of collecting information and self-assessment
through consultation to come up with the official scale table.
The scale is presented as the following table:
Table 1 – Scale designing

Factors Question Reference

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about products and International Consumer
services. Marketing, 16(2), 55–74.
https://doi.
org/10.1300/J046v16n02_04

Social I will buy items from Hamari, J., Alha, K., Järvelä, S.,
interaction an online game if my Kivikangas, J. M., Koivisto, J.,
friend has a good & Paavilainen, J. (2017). Why
experience with it. do players buy in-game content?
An empirical study on concrete
purchase motivations.
Computers in Human Behavior,

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 68, 538-546
https://doi.org/10.1016/
j.chb.2016.11.045

Hamari, J., & Järvinen, A.

I share my (2011). Building Customer
experience buying Relationship through Game
in-game items on Mechanics in Social Games. IGI
game forum groups Global eBooks, 348–365.
on social networks. https://doi.org/10.4018/978-1-
60960-567-4.ch021

I had a positive Lehdonvirta, V. (2009). Virtual

experience item sales as a revenue model:
purchasing in-game identifying attributes that drive
items based on purchase decisions. Electronic
reviews and Commerce Research, 9(1–2),
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from friends and https://doi.org/10.1007/s10660-
relatives. 009-9028-2

I feel the shares and Kim, B. (2012). Understanding

reviews from key factors of users’ intentions
friends, relatives, to repurchase and recommend
and forum groups on digital items in social virtual
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trustworthy. Behavior, and Social
Networking, 15(10), 543–550.

39
 https://doi.org/10.1089/
cyber.2012.0128

I am willing to buy
virtual goods if they
are sold at a good
price.
Price
I am willing to buy
more virtual goods
when a sales Hsiao, K., & Chen, C. (2016).
promotion is held. What drives in-app purchase
intention for mobile games? An
Economic Higher game examination of perceived values

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reason for my in- j.elerap.2016.01.001
Rewards game purchase.

Free/additional/daily
rewards received in
the game make me
feel that the game is
worth the price

Purchase 1. I intend to pay for Hsiao, K., 2013. Android

Intention the in-game items in smartphone adoption and

40
 the future.
intention to pay for mobile
2. I used to pay for internet: perspectives from
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purchase in the
10.1108/07378831311329022
future.

3.1.2. Questionnaire design

Based on the above metrics and references from previous studies, a questionnaire
was designed with a total of 30 impact measures and identified factors influencing
spending intention on games among young people. The questionnaire is divided into 2
main sections:
Part I: Factors influencing spending decisions and intentions to top-up games
among youth in Ho Chi Minh City. To measure the level of assessment, a Likert scale
from 1 to 5 was used with the following responses:
1: Completely disagree
2: Disagree
3: Neutral
4: Agree
5: Completely agree
Part II: Collecting personal information of survey participants. Including: gender,
age, personal monthly income, and spending level on electronic games.

41
 3.2. Analysis method
3.2.1. Cronbach Alpha reliability
Cronbach Alpha reliability is a scale that helps us determine whether the observed
variables for a factor are appropriate or not, in addition, it also shows which variables
contribute to measuring the concept of which factors and which variables do not.
The necessity to assess Cronbach Alpha reliability comes from the fact that large
factors will be challenging to measure in our quantitative research, requiring the use of
more complicated scales with several survey questions to fully understand the nature of
a factor. Consequently, the variables should be broken down into smaller pieces when
the research team has to assess a certain factor to measure it more easily and accurately
and then demonstrate the nature of a factor.
The results of Cronbach Alpha for the good factor will indicate that the listed
variable has a good scale. To put it simply, the Cronbach alpha test has the function of
eliminating "junk variables" before performing EFA - Exploratory Factor Analysis.
First, the concept of the internal consistency of an element needs to be clearly
understood. Internal consistency means that the observed variables in a scale must have
a strong positive correlation, explaining the same concept. Cronbach's Alpha is an
index that measures this internal consistency. Thus, if a scale has a close positive
correlation between observed variables, the more consistent that scale is, the higher the
Cronbach's Alpha coefficient will be.
Cronbach's Alpha coefficient is variable in the range [0,1]. Level 0 means that the
observed variables in the group have almost no correlation, level 1 means that the
observed variables are perfectly correlated with each other, levels 0 and 1 rarely occur
in data analysis. In some cases, the negative Cronbach's Alpha coefficient appears
beyond the limit range [0,1], at this time the scale is completely unreliable, not
unidirectional, and the observed variables in the scale are in opposite directions.
Standards in testing the reliability of the Cronbach Alpha scale:

42
 - The Cronbach Alpha coefficient with a value greater than or equal to 0.9
represents an excellent measurement scale.
- The Cronbach Alpha coefficient has a value from 0.8 to 0.9, showing that the
measurement scale is well-used.
- The Cronbach Alpha coefficient has a value from 0.7 to 0.8, this scale is
acceptable.
- The Cronbach Alpha coefficient has a value from 0.6 to 0.7, this scale needs to be
reviewed.
- If the Cronbach Alpha coefficient is less than 0.5, this scale is unacceptable.
In general, the larger the Cronbach Alpha value, the more valid the scale. However,
if the Cronbach Alpha coefficient is > 0.7, the scale can be accepted. In addition, some
authors still propose higher values from 0.9 - 0.95.

3.2.2 Exploratory Factor Analysis

Exploratory Factor Analysis (EFA) is a quantitative analysis method used to reduce
a set of interrelated dependent variables into a smaller set of variables (called factors)
that are more meaningful but still contain most of the information content of the
original variables. In other words, exploratory factor analysis is used when researchers
aim to reduce a number n of measured variables into a group k of constructs, where k <
n, with k meaningful factors (Trà & Trà, 2022).
Exploratory Factor Analysis (EFA) meets the requirements when it satisfies the
following criteria:
1. Kaiser-Meyer-Olkin (KMO) Measure:
The KMO measure is an indicator of the suitability of data for factor analysis.
- KMO value > 0.5 (usually > 0.6) is acceptable for EFA.
- KMO value > 0.8 is good.
2. Bartlett’s Test of Sphericity:

43
 This test examines whether there is correlation among the variables involved in
EFA with the null hypothesis Ho: There is no correlation among the observed
variables. If the Bartlett's test significance value is less than 0.05, the research team
rejects Ho and conclude that the variables involved in EFA are correlated with each
other. Conversely, if the significance value is greater than 0.05, the research team
accepts Ho and conclude that the observed variables are not correlated with each other,
indicating that the EFA analysis is inappropriate.
3. Factor Loading Coefficients:
Factor loading can be understood as the correlation between the observed variable
and the factor. The absolute value of the factor loading coefficient reflects the strength
of the correlation between the observed variable and the factor. In the case where there
is a negative factor loading coefficient within the same factor, it indicates that the
observed variable loads in the opposite direction compared to the majority of other
observed variables in the factor. This variable is negatively correlated with observed
variables with positive factor loading coefficients within the factor.
- Absolute Factor Loading at 0.3 to 0.4: Considered as the minimum condition for
retaining observed variables.
- Absolute Factor Loading at 0.5 or above: Optimal level, indicating statistically
significant observed variables.

3.2.3. Pearson correlation coefficient

The Pearson coefficient is a type of correlation coefficient that describes the
relationship between two variables measured on the same interval or ratio scale. It
quantifies the strength of association between two continuous variables.
To compute the Pearson coefficient, also known as the Pearson correlation
coefficient or the Pearson product-moment correlation coefficient, the research team
plots the two variables on a scatter plot. These variables are labeled as X and Y. For the

44
coefficient to be meaningful, there must be linearity in the scatter plot; otherwise, a
scatter plot that doesn’t resemble a linear relationship is not useful. The closer the
scatter plot resembles a straight line, the stronger the association between the variables.
The meaning of the Pearson correlation coefficient: The Pearson correlation
coefficient (r) has a value that fluctuates continuously from -1 to +1:
- r = 0: A zero indicates no correlation between variables
- r = 1; r = -1: Two variables have a perfect relationship
- r < 0: Negative correlations indicate that as one variable increases, the other
decreases; they are inversely related
- r > 0: Positive correlations indicate that both variables move in the same direction
Note:
The Pearson correlation coefficient (r) is meaningful only when the significance
level (sig.) is less than the significance level α = 5%.
- If r falls within the range from 0.50 to ±1, it is considered a strong correlation.
- If r falls within the range from 0.30 to ±0.49, it is termed a moderate correlation.
- If r is below ±0.29, it is considered a weak correlation.
On a Scatter plot, if r = -1, the data will be distributed along a line with a negative
slope; if r = 1, the data will be distributed along a line with a positive slope.

3.2.4. Linear regression

By fitting a linear equation to observed data, linear regression analysis helps to
determine the connection between a continuous dependent variable and one or more
independent variables (Dwyer, 1983; Weisberg, 2005). In research, linear regression is
frequently used to find correlations between two or more variables that have cause-
and-effect relationships and to use those relationships to anticipate outcomes for the
issue (Uyanik, 2013).

45
 The outcome of this procedure will assist in determining the degree and direction of
the independent factors' influence on the dependent variable.

SUMMARY CHAPTER 3
In-depth discussion of the research methodology is provided in Chapter 3, which
includes the process of creating scales and questionnaires to measure the variables
affecting young people's online gaming expenditure in Ho Chi Minh City. It describes
the application of Linear Regression to determine how different factors influence
spending intentions, Cronbach Alpha to assess scale reliability, and Pearson
Correlation to investigate variable relationships. A detailed examination of the
motivations underlying the purchasing habits of young gamers is made possible by this
methodical technique.

46
 CHAPTER 4: ANALYSIS OF RESEARCH RESULTS
This chapter meticulously dissects the research findings gleaned from the
administered survey. It begins with a comprehensive analysis of the sample
demographics, establishing a foundation for understanding the study participants. Next,
the focus shifts to evaluating the measurement scales employed. This assessment
(including reliability analysis, Exploratory Factor Analysis (EFA), and Pearson
correlation analysis) ensures accuracy and explores the underlying structure of the
collected data. Progressing further, the chapter delves into model validation and
hypothesis testing. Linear regression analysis results are presented, offering insights
into the proposed model without a moderating variable. Finally, the analysis explores
the influence of qualitative variables like gender, income, spending habits, and age on
purchase intent through hypothesis testing. This section aims to elucidate potential
variations in purchase intention based on these demographic characteristics.

4.1. Descriptive statistics of the survey sample

4.1.1. General description
The research team received a total of 345 survey forms after collecting samples
online. Of these, 53 votes were invalid, so 292 valid votes could be subjected to
quantitative analysis.
4.1.2. Basic information of the survey sample
Based on the results obtained, the research team has summarized some
characteristics of the study sample as follows:

47
 Table 2 – Survey sample statistics

Frequency Percentages
Characteristics
(n=292) (%)

Female 170 58.2

Sex
Male 122 41.8

From 13 - 17 years old 27 9.2

Age From 18 - 22 years old 240 82.2

From 22 - 30 years old 25 8.6

Below 3.000.000 VND 138 47.3

Income From 3.000.000 - 5.000.000 VND 103 35.3

More than 5.000.000 VND 51 17.4

Never spend money 85 29.1

Below 500.000 VND 156 53.4

Spendin From 500.000 - 1.000.000 VND 25 8.6

g
From 1.000.000 - 3.000.000 VND 11 3.8

More than 3.000.000 VND 15 5.1

Gender: The study obtained 292 samples, with a low difference between men and
women. According to statistics, the sample consisted of 170 females, accounting for
58.2%; and 122 males, accounting for 41.8%. The male-to-female ratio in the survey

48
sample is 7:10. Thus, for every ten female responses, there will be seven male
respondents.
Age: The data obtained includes: 27 respondents aged 13 to 17, accounting for
9.2%; 240 respondents aged 18 to 22, accounting for 82.2%; and 25 respondents aged
22 to 30, accounting for 8.6%. Thus, the majority of respondents to the survey were
between the ages of 18 and 22.
Income: Data shows that 138 respondents (47.3% of the sample) had incomes under
$3 million; 103 respondents (35.3%) had incomes between $3 and $5 million; and 51
respondents (17.4%) had incomes beyond $5 million.
Spending: Based on statistical analysis, the sample consisted of 85 respondents (or
29.1%) who never spent money on games monthly; 156 respondents (or 53.4%) who
spent less than 500.000 VND; 25 respondents (or 8.6%) who spent between 500.000
VND and 1 million; and 15 respondents (or 5.1%), who spent more than 3 million.
Thus, the typical spending level only varies when it falls below 500,000 VND.

4.2. Scale evaluation

4.2.1. Reliability analysis
Cronbach’s Alpha
Emotional Value (EMV)
Using SPSS 20.0, the research team applied the Cronbach's Alpha reliability
coefficient analytic approach to assess the scales' reliability. Five values are measured
and tested in accordance with the proposed research model.
For the variables Emotional Value (EMV), Quality Value (QV), Social Influence
(SI), and Economic Value (EV), the study team performed a Cronbach's Alpha analysis
once.

49
 Emotional Value (EMV): Cronbach's Alpha = .725

Variables Scale Mean if Scale Variance Corrected Cronbach's

Item Deleted if Item Deleted Item-Total Alpha if Item
Correlation Deleted
EMV1 10.35 6.112 .582 .621
EMV2 10.39 6.597 .505 .669
EMV3 10.03 7.209 .538 .658
EMV4 10.94 6.464 .453 .705
Quality Value (QV): Cronbach's Alpha = .908
QVF1 33.36 66.217 .668 .899
QVF2 32.97 72.322 .371 .912
QVF3 33.65 66.125 .630 .901
QVF4 33.43 66.885 .618 .901
QVF5 33.53 65.886 .649 .900
QVA1 33.32 64.348 .754 .894
QVA2 33.61 65.881 .691 .897
QVA3 33.73 66.169 .653 .899
QVA4 33.25 63.949 .732 .895
QVA5 33.55 65.299 .653 .900
QVA6 33.23 64.549 .739 .895
Social Influence (SI): Cronbach's Alpha = .901
SIG1 22.30 32.783 .714 .887
SIG2 22.00 33.797 .710 .887
SIG3 22.14 33.431 .726 .885
SIG4 21.97 34.137 .687 .889
SIS1 21.75 33.659 .703 .887

50
 SIS2 22.12 34.406 .620 .895
SIS3 21.79 34.298 .695 .888
SIS4 21.82 35.045 .660 .891
Economic Value (EV): Cronbach's Alpha = .840

EVP1 10.21 7.096 .721 .776

EVP2 10.24 7.324 .705 .783
EVR1 10.47 7.762 .645 .809
EVR2 10.38 7.921 .622 .819
Purchase Intention (PI): Cronbach's Alpha = .836
PI1 6.76 4.971 .739 .741
PI2 6.57 4.610 .620 .860
PI3 6.75 4.594 .751 .720
Table 3 - Summarize Cronbach’s Alpha results

The following outcomes are visible based on the Table 3: A Cronbach's Alpha
coefficient analysis reveals that every scale satisfies reliability requirements. Because
the variable-total correlation (Corrected Item-Total Correlation) of the observed
variables is greater than 0.3 (the smallest variable is QVF2 = 0.371) and the overall
Cronbach's Alpha coefficient of the scales is greater than 0.6 (the smallest is
Cronbach's Alpha of Emotional Value = 0.725).
In conclusion, thirty observed variables must be used to measure a total of five
concepts. The variable-total correlation value of the 30 observed variables is in the
interval [0.371, 0.754] greater than 0.3, while the Cronbach's Alpha numbers have a
variation value in the interval [0.725, 0.908] greater than 0.6. As a result, it is certain
that the final 30 observed variables are all trustworthy and that they can be utilized for
the upcoming analytical stages.
4.2.2. EFA (Exploratory Factor Analysis)

51
 Following the evaluation of Cronbach's Alpha, the model consists of 1 dependent
variable and 4 independent variables. It also contains 30 reliable observed variables
that are integrated into SPSS to utilize the exploratory factor analysis method of EFA
to further assess the scale's usefulness.
The independent, dependent, and moderator variables have all been identified using
the project's suggested model. For each of the 4 main groups of variables in the model,
the research team conducted a different EFA analysis: (1) EFA analysis for four
independent variables; (2) EFA analysis for one dependent variable.
The correlation between the associated factor and the observed variables is
represented by a value called factor loading. A factor loading of 0.5 is regarded as an
observed variable with good statistical significance, according to Hair et al. (2014).
Additionally, the loading factor depends on the determined sample size. According to
Hair et al. (2014), the loading factor that should be used is 0.5 because the minimum
sample size is 250. Moreover, a concept should have 5 or more observed variables
(with a loading factor ⪰ 0.5) to ensure the robustness of the factor in EFA analysis
(Costello and Osborne, 2005).
Additionally, if an observed variable contains several components and the factor
loading difference is less than 0.3, it will be deleted to ensure discrimination (Jabnoun
and Al-Tamimi, 2003).
Using Varimax rotation and PCA (Principal Components Analysis) extraction, the
study team performed exploratory component analysis for two different types of
variables.

4.2.2.1. Exploratory Factor Analysis (EFA) for dependent variables

Table 4 - KMO and Bartlett’s test of the dependent variable.

52
 KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .697

Bartlett's Test of Approx. Chi-Square 386.073

Sphericity df 3
Sig. .000

Cumulative of Variance % 76.092%

Eigenvalue 2.283

The dependent variable's EFA results, which include a KMO index of 0.697 > 0.5
and Bartlett's test Sig. of 0.000 < 0.05, demonstrate that the observed variables are
correlated and that the data is appropriate for factor analysis.
A single factor has been extracted, and its cumulative variance percentage is
76.092% > 50%, with an Eigenvalue coefficient of 2.283 > 1. Moreover, 76.092% of
the data variation of the four observable variables involved in the EFA can be
explained by this factor.
Table 5 – Component Matrix for dependent variables
Component Matrixa
Component
1
PI3 .903
PI1 .896
PI2 .815
Extraction Method: Principal Component Analysis.
a. 1 component extracted.

53
 Every variable in the Component Matrix has a factor loading larger than 0.5. Only
one component was recovered from the three observed variables (PI1, PI2, and PI3),
indicating unidirectionality and rather strong convergence. According to the data
acquired, none of the detected variables were removed.
Conclusion: Three significant observed variables converging into one factor were
obtained from a single exploratory factor analysis (EFA) for the dependent variable.

4.2.2.2 Exploratory Factor Analysis (EFA) for independent variables

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .932

Bartlett's Test of Approx. Chi-Square 3820.501

Sphericity df 253

Sig. .000

Table 6 – The second KMO and Barlett’s Test for independent variables

Following an analysis of thirty observable variables, the research team determined

that EMV2, EMV4, SIS3, and SIS1 were the undesirable variables that needed to be
removed for the following reasons:
 Remove variables SIS3 and SIS1, as they load on several factor groups and the
loading factor difference is smaller than 0.2;
 Remove variables EMV2 and EMV4, since the observed variables do not
guarantee the standard loading factor.

Table 7 - The second Rotated Component Matrix

Rotated Component Matrixa

54
 Component
1 2 3
QVA1 .708
QVA2 .696
QVF3 .687
QVF5 .677
QVA5 .675
QVA6 .669
QVA3 .666
QVA4 .660
QVF1 .616
QVF4 .589
EVR2 .571
EVR1 .560
SIG3 .826
SIG2 .783
SIG1 .768
SIG4 .760
SIS2 .587
SIS4 .579
EMV3 .788
EMV1 .777
EVP1 .622
QVF2 .578
EVP2 .574
Extraction Method: Principal Component Analysis.

55
 Rotation Method: Varimax with Kaiser Normalization.
a. Rotation converged in 6 iterations.
Eigenvalue 9.910 2.158 1.479

% of Variance 43.089% 9.384% 6.431%

With three extracted factors having Eigenvalue coefficients larger than 1 (the
smallest Eigenvalue index is 1.479), the cumulative percentage of variance is greater
than 50% at 58.904% (the sum of % of Variance 43.089%, 9.384%, 6.431%). Of the 26
observable variables involved in EFA, these three factors account for 58.904% of the
variation in the data.
Every variable in the Factor Rotation Matrix has a factor loading larger than 0.5.
The rotational matrix's findings show that three factors—representing the extraction of
26 observed variables—ensure unidirectionality and rather good convergence.
According to the data acquired, none of the detected variables were removed.
In summary, two rounds of exploratory factor analysis (EFA) were conducted for
independent variables. 26 observed variables converged and differentiated into 3
components after 1 rejected variable was removed.

4.2.3. Pearson correlation analysis

Based on Table 7, research team creates a representative variable for each
component column. Therefore, they are QV – Quality Value, EMEV – Emotional
Value and Economic Value, SI – Social Influence and one for dependent variable PI –
Purchase Intention. After that, these variables will be entered for SPSS for a Pearson
correlation analysis.
Table 8 - Correlation analysis of the impact of factors in the proposed model
Correlations

56
 PI QV SI EMEV
PI Pearson Correlation 1 .575** .421** .631**
Sig. (2-tailed) .000 .000 .000
N 292 292 292 292
QV Pearson Correlation .575** 1 .659** .629**
Sig. (2-tailed) .000 .000 .000
N 292 292 292 292
SI Pearson Correlation .421** .659** 1 .407**
Sig. (2-tailed) .000 .000 .000
N 292 292 292 292
EM Pearson Correlation .631** .629** .407** 1
EV Sig. (2-tailed) .000 .000 .000
N 292 292 292 292
**. Correlation is significant at the 0.01 level (2-tailed).

Based on the Table 8, the Sig. values of the variables QV, SI, and EMEV are all
less than 0.05, indicating a strong linear correlation between these variables. When
analyzing Pearson correlations, it’s essential to be aware of the occurrence of
multicollinearity among independent variables. This can be evaluated by checking
whether the Sig. value is less than 0.05 and whether the Pearson value exceeds 0.7
(Carsten F. Dormann et al., 2012). Based on the analysis results, although all Pearson
values are less than 0.7, they are relatively large (>0.4), so caution is warranted.
Multicollinearity should be further investigated by using the VIF (Variance Inflation
Factor) in subsequent regression analyses.

57
 4.2.3.1. Comment on the correlation between independent and dependent
variables
The data obtained indicates that the independent variables QV, SI, and EMEV have
a strong linear correlation with the dependent variable PI (Sig. values are less than
0.05). Based on the above figure, the data shows that Pearson correlation (r) of QV, SI,
and EMEV is 0.575; 0.421; and 0.631 respectively, these data can be seen as a strong
correlation towards the dependent variable PI (r >0.4) (Andy Field, 2009).
4.2.3.2. Comment on the correlation between independent variables.
The data obtained indicates that the independent variables QV, SI, and EMEV have
a strong linear correlation with each other (all Sig. values are < 0.05).
4.3. Model validation and hypothesis testing
4.3.1. Linear regression analysis (without moderating variable)
This model including 4 independent variables and 1 dependent variable has been
shown as a general regression equation Y: Y = β0 + β1*X1 + β2*X2 +…+ βi*Xi + e
According to the research sample with the proposal model including 4 independent
variables (Emotional Value (EMV), Quality Value (QV), Social Interaction (SI),
Economic Value (EV)) and 1 dependent variable - Purchase Intention (PI), regression
equation can be rewritten as: PI = β0 + β1*EMEV + β2*QV + β3*SI + e
The Adjusted R Square value serving as a measure of how well the independent
variables explain the variability in the dependent variable accounts for 0.449.
Therefore, this figure indicates the independent variables explain 44.9% of the
variation in the dependent variable. The remaining 55.1% is explained by variables
outside the model and random error.
The Durbin-Watson value, which assesses the presence of first-order serial
correlation, is recommended to fall within the range of 1.5 to 2.5 (Yahua Qiao, 2011).
With a below Durbin-Watson value of 1.902 (1.5 < 1.902 < 2.5), the model shows no
autocorrelation.

58
 Table 9 – Model Summary
Model Summaryb
Mode R R Adjusted R Std. Error of the Durbin-Watson
l Square Square Estimate
1 .674a .455 .449 .77548 1.902

a. Predictors: (Constant), EMEV, SI, QV

b. Dependent Variable: PI

Table 10 –One-way ANOVA Result

ANOVAa
Model Sum of df Mean F Sig.
Squares Square
1 Regression 144.529 3 48.176 80.112 .000b

Residual 173.194 288 .601

Total 317.723 291

a. Dependent Variable: PI

b. Predictors: (Constant), EMEV, SI, QV

Table 11 – Regression Coefficients Results

59
 Coefficientsa
Model Unstandardized Standardized t Sig. Collinearity
Coefficients Coefficients Statistics
B Std. Beta Tolera VIF
Error nce
1 (Consta -.152 .234 -.648 .517
nt)
QV .306 .086 .242 3.561 .000 .410 2.439

SI .098 .071 .080 1.378 .169 .565 1.768

EMEV .597 .075 .447 7.987 .000 .605 1.653

a. Dependent Variable: PI

The significance value (sig.) of the test is used to assess the suitability of a linear
regression model. The obtained results indicate that the independent variables QV, SI,
and EMEV all have a significance value of 0.000, which is less than 0.05. Therefore, it
can be concluded that all these variables have an impact on the dependent variable PI,
and multiple linear regression is appropriate for the dataset and can be used effectively.
Furthermore, it is necessary to consider the multicollinearity that can occur during
regression analysis. The Variance Inflation Factor (VIF) measures the correlation
between independent variables in a regression model. For variables measured on a
Likert scale, the VIF results of 3 variables in the Table 11 are from 1.653 to 2.439,
which are below the threshold value of 3.5 (Lee & Xia 2010), so it can be concluded
that there is no significant multicollinearity problem exists with regard to the data.
After considering the factors to standardize the model, it is necessary to examine
the impact of independent variables on the dependent variable by looking at the
regression coefficients (B or Beta). A positive regression coefficient implies that the

60
independent variable has a positive effect on the dependent variable, whereas a
negative sign indicates a negative impact. Additionally, when assessing the magnitude
of influence in the relationship, research team relies on the absolute value of the Beta
coefficient. The larger the absolute value, the stronger the independent variable’s
impact on the dependent variable. Based on the table data, there are some assessments:
For the unstandardized equation, when the EMEV variable increases by 1 unit
under the condition that other variables do not change, the PI variable increases by
0.597 units. Similarly, when the QV variable increases by 1 unit under the condition
that other variables do not change, the PI variable increases by 0.306 units and 0.098
for SI. With the unnormalized regression coefficient, it does not indicate the impact
level of these independent variables on the dependent variable because there still exist
different standard deviations among the variables. To be able to compare the impact
level of the independent variable on the dependent variable, whether strong or weak,
research team will rely on the standardized regression coefficient.
The independent variable QV, EMEV, SI has Beta coefficient = 0.242, 0.447 and
0.080 respectively, so these variables have a positive impact on the dependent variable
PI. Among these, the variable EMEV (with the largest absolute Beta coefficient) has
the strongest impact on the dependent variable.
Additionally, the research team conducted regression tests based on the following
graphs:

61
 Figure 12 - Histogram graph showing the standardized regression residuals
It is necessary to consider whether the residuals follow a normal distribution based
on the Histogram plot. The above plot shows that the average value (Mean = 1.50E -
15) is nearly 0 and the standard deviation (Std.Dev = 0.995) is nearly 1. Therefore, the
residuals are approximately normally distributed.

62
 Figure 13 - P - P Plot graph

The P-P Plot shows points adhering to a straight line that goes from left to right,
and from bottom to top, indicating that the residuals follow a normal distribution.

Table 14 - Scatter Plot graph

63
 The Scatter Plot graph has scattered points going from left to right, from top to
bottom, and revolving around the x-axis at 0, the residuals do not change in any order
with respect to the predicted value. So, the linear relationship assumption is not
violated. From the above results, research team have the unstandardized and
standardized regression equations respectively are:
PI = -0.152 + 0.597*EMEV + 0.306*QV + 0.098*SI
PI = 0.447*EMEV + 0.242*QV + 0.071*SI
With unstandardized regression coefficients, we cannot comment on the extent of
the impact of the independent variables on the dependent variable because there are
different standard deviations among the variables. To be able to compare the impact
levels of the independent variables on the dependent variable, which variables have a
strong impact and which have a weak impact, the equation of standardized regression
coefficients will be used.
Based on the equation above, it can be seen that all three variables (EMEV, QV,
SI) have a positive impact on the dependent variable PI, among which the variable
EMEV, which includes Emotional Value and Economic Value, has the strongest
impact, followed by Quality Value, and the weakest is Social Influence.
4.4. Hypothesis testing of purchase intent based on qualitative variables
4.4.1. Hypothesis testing of purchase intent based on gender
In the process of classifying objects by gender, they were divided into the following
groups: [Male], [Female].
Hypothesis H*: There is no difference in variance between the gender groups.
To test the difference between the two groups of objects, an Independent Sample T-
Test was deemed appropriate, so the research team entered the data into SPSS for
analysis.

64
 Table 15 - Independent Sample T-Test (based on Gender)

Based on Table 16, the research team rejected the hypothesis H* because the data
obtained from Levene’s Test resulted in a significance value Sig. of 0.038 (< 0.05).
This indicates a statistically significant difference in variance between the two gender
groups. Therefore, an Independent Sample T-test with unequal variances was used for
further analysis.
Hypothesis H**: There is no average difference between gender groups.
Because the Sig. value from Levene’s Test is 0.038 (< 0.05), the results is used
from the Equal variances not the assumed row. The Sig. value in the T-test is 0.003
(<0.05), so the hypothesis H** is rejected.
Conclusion: There is a statistically significant difference in the average spending
intention on games among young people between the two gender groups.

65
 Table 16 - Group Statistics
Group Statistics
Sex N Mean Std. Deviation Std. Error Mean

PI Male 122 3.5574 .94031 .08513

Female 170 3.1961 1.09183 .08374

On average, men spend a bit more money than women in video game (3.5574 >
3.1961).

Figure 17 - Group Statistics

66
 4.4.2. Testing the difference in purchase intent based on income.
In the process of classifying objects by income into the following groups: [below 3
million], [from 3 to 5 million], [above 5 million].
Hypothesis H*: There is no difference in variance between income groups.
To test the difference for more than two object groups, One-Way ANOVA is seen
to be more effective than the Independent Sample T-Test, so the research team used
SPSS to analyze.
The results obtained are as follows:
Table 18 - Independent Sample T-Test (based on Income)

67
 The data obtained shows that the Levene’s test result has a significance value (Sig.)
of 0.579 (> 0.05), which leads us to accept the hypothesis (H*). This indicates that
there is no significant difference in variance regarding purchase intention among young
people across different income levels (statistically significant). Therefore, research
team proceeds with the ANOVA test.
Hypothesis H**: There is no significant difference in means among income groups.
Since the Sig. value from Levene’s test is greater than 0.05, the hypothesis (H**) is
rejected based on the F-test result with a Sig. value of 0.015 (< 0.05).
Conclusion: There is a significant difference in spending intention on video games
among young people across different income groups.
Table 19 - ANOVA results (based on Income)

Based on the Mean column in the Descriptives table, it can be inferred that as
income increases, the spending level on video games also increases.

68
 Graph 20 – Mean of Income Descriptives

4.4.3. Testing the difference in purchase intent based on spending.

Sort respondents into the following categories based on their spending throughout
the survey: [Never spent], [under 500,000 VND], [from 500,000 to 1 million], [from 1
million - 3 million], and [above 3 million].
Hypothesis H*: The variances of the spending groups are the same.
The research team used the One-Way ANOVA test in SPSS to evaluate the data
and determine whether there was a difference between more than two groups of
subjects.
The following results are as follows:

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 Table 21 – Independent Sample T-Test (based on Spending)

The Levene's Test results indicate a statistically significant difference in variance

between spending groups, with a Sig value of 0.004 (<0.05), rejecting hypothesis H*.
Thus, to continue the study, utilize the ANOVA test.

70
 The average difference between the spending groups is zero, according to
hypothesis H**.
The ANOVA test results with Sig. = 0.000 (< 0.05) show that hypothesis H** is
rejected.
Conclusion: Depending on their spending category, young people make varied
intention about how much money to spend on games.
Table 22 – ANOVA results (based on Spending)

Comment: In Ho Chi Minh City, there aren't many young people who have never
spent money on games. The number of people who do so is significant and keeps rising
until it reaches 500,000–1,000,000 VND, at which point it starts to slowly decline.
Graph 23 – Mean of Spending Descriptives

71
 3.4.4 Testing the difference in purchase intent based on age
In the process of classifying objects by age into the following groups: [From 13 to
17 years old], [from 17 to 22 years old], [from 22 to 30 years old].
Hypothesis H*: There is no difference in variance between age groups.
Similarly, One-Way ANOVA is used to analyze this variant.
The results obtained are as follows:
Table 24 - Independent Sample T-Test (based on Age)

The data obtained shows that the Levene’s test result has a significance value (Sig.)
of 0.123 (> 0.05), which leads us to accept the hypothesis (H*). This indicates that
there is no significant difference in variance regarding purchase intention among young
people across different age levels (statistically significant).
Hypothesis H**: There is no significant difference in means among income groups.

72
 Since the Sig. value from Levene’s test is greater than 0.05, so research team
proceed with the ANOVA test, because the Sig. value was 0.005 < 0.05, the hypothesis
(H**) is rejected based on the F-test result.
Conclusion: There is a significant difference in spending intention on video games
among young people across different age groups.
Table 25 - ANOVA results (based on Age)

Based on this graph, it is clear to see that young people belonging to a higher age
group will intent to make purchase in game.
Graph 26 – Mean of Income Descriptives

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 SUMMARY OF RESEARCH RESULTS
The research team's model looks at the aspects of video games that influence young
people's decision to make online purchases in Ho Chi Minh city. The dependent
variable, purchase intention, is influenced by four independent variables in the model:
(1) emotional value; (2) quality value; (3) social influence; and (4) economic value.
Furthermore, the research team examined the variation in Purchase Intention for the
following four control variables about respondent data: Gender; Income; Age and
Spending. The following are the findings on the degree of impact, in decreasing order,
of the independent factors on the dependent variable following analysis and
measurement using SPSS software: Emotional Value and Economic Value have a
strongest impact on Purchase Intention with Beta = 0.447; Quality Value with Beta =
0.242 and Social Influence with Beta = 0.080.
The results above serve as the basis for the research team to test the research
hypothesis as follows:
− Accept H1: ‘’Playfulness’’ increases intent to purchase virtual goods in online
games.
− Accept H2: Flexibility positively influences purchase intention on online games.
− Accept H3: Accessibility positively influences purchase intention on online
games.
− Accept H4: Game influencers positively influence purchase intention.
− Accept H5: Social interaction positively influences purchase intention.
− Accept H6: Good price positively influences in-app purchase intention.
− Accept H7. Rewards positively influence in-app purchase intention.
Regarding the test of differences between qualitative variables about the intention
to purchase, after the Independent Sample T-test and One-way ANOVA tests on SPSS
20.0 software, the team has obtained the following results:

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 Independent Sample T-test of Gender and Purchase Intention can be concluded that
there is a statistically significant difference in the average spending intention on games
among young people between the two gender groups
One-way ANOVA is used to analyze Income, Spending and Age towards Purchase
Intention, it can be concluded that:

 There is a significant difference in spending intention on video games

among young people across different income groups.
 Depending on their spending category, young people make varied
intention about how much money to spend on games.
 There is a significant difference in spending intention on video games
among young people across different age groups.

75
 CHAPTER 5: CONCLUSION AND DISCUSSION
The investigation is concluded in this chapter with a presentation of the major
discoveries and their greater implications. The research findings are simply
summarized, and then the discussion looks into the useful implications of the findings
for administrative institutions. The chapter also suggests paths for future research
projects while acknowledging the study's inherent limitations. This last section acts as a
link between the current research and future directions for the area.

5.1. Conclusion
The research team based on theoretical foundations such as TRA theory of
reasoned action, TAM technology acceptance theory, TPR risk perception theory along
with inheriting the results from previous research. After that, discuss, evaluate, and
build a proposed research model for the topic "Factors affecting the spending decision
on online games of young people in Ho Chi Minh City.".
The statistically significant survey sample that can be used for quantitative analysis
in the study is 292 samples. This indicates that the model can explain the factors that
affect the spending decision on online games of young people in Ho Chi Minh City.
The model proposes that the concepts that need to be measured are emotional value,
quality value, social influence, economic value, and purchase intention. After
analyzing Cronbach's Alpha, all variables meet the standards and are eliminated and
proceed to the next steps of analysis. In Exploratory Factor Analysis, after eliminating
4 variables, 26 observed variables remained to be extracted into 4 main factors
including: Emotional Value (EMV), Quality Value (QV), Social Influence (SI),
Economic Value (EV), and Purchase Intention (PI). The results of Exploratory Factor
Analysis ensure convergent and discriminant validity for further measurements. In
addition, the team also conducted Pearson correlation analysis to check the correlation
relationships between variables as well as eliminate cases of multicollinearity and

76
prepare standard variables to test the hypothetical model, conducted regression
analysis, test moderator variables, and hierarchical regression to confirm whether the
theoretical model corresponds to market data or not.
After conducting multiple linear regression, the research team can conclude from
the data analysis results that: Emotional Value (EMV) and Economic Value (EV) has
the strongest impact on Purchase Intention, followed by the Quality Value (QV) and
Social Influence factor. Moreover, other qualitative variables like Income, Spending,
and Age toward Purchase Intention are analyzed using One-way ANOVA, from which
the research team concludes that: there is a significant difference in spending intention
on video games among young people across different income and age groups.
Thus, after researching and measuring the impact of factors on the intention to
spend on games of young people in Ho Chi Minh City, the research team concluded:
the spending intention on games of young people in Ho Chi Minh City are affected by
several factors, of which Emotional Value and Economic Value are the most
influential. With Beta equal to 0.447, Emotional Value and Economic Value have a
positive influence on the intention to spend on games, or it can be understood as the
fact that viewers are attracted and persuaded by emotional and economic value when
playing games, thereby increasing the intention to spend more on games.
From there, it can be seen that the research and analysis of the model measuring the
impact of factors on the intention to spend on games of young people in Ho Chi Minh
City is completely consistent with the underlying theory, the current market situation
and can be applied in practice. In addition, the issues analyzed above will be the
foundation for building administrative implications as well as recommendations and
future directions for the research topic.
5.2. Discussion

77
 This research utilized the concept of perceived value as a foundational model to
explore the elements that drive in-app purchasing behaviors among young users.
Insights and practical applications emerge from the findings of this analysis.
It has been discovered that enjoyment, social influence, quality, and financial worth all
have a positive influence on the propensity of users to make in-app purchases. These
components are crucial in the intention-making process for in-app purchases. The more
appealing these aspects are to players, the more inclined they are to spend. This aligns
with conclusions drawn in previous research (Zendle, et al. 2020; Hamari et al. 2017).
The study indicates that players’ enthusiasm to engage with and endorse mobile games
stems from their recognition of the games’ emotional appeal (enjoyment) and cost-
effectiveness (rewards), as well as the social impact and quality value (accessibility and
flexibility).
According to Table 11, the propensity to invest in games intensifies when
emotional and economic values are taken into account. Games that resonate
emotionally with players tend to increase their interest and spending behavior, a pattern
also observed with economic considerations (Hamari et al. 2017). Subsequently, there
is a notable positive effect on the buying intent due to the quality value (QV),
corroborated by prior studies (Chen & Chen, 2020). Regarding societal influences,
external motivators like endorsements from streamers, online platforms, or peer
reviews positively affect the readiness to spend money, albeit to a lesser extent than the
aforementioned factors.
The research further reveals that demographic factors such as gender and income
levels significantly impact the purchasing intentions of those who pay within games.
Older individuals or those with higher incomes are more likely to spend (Hsiao &
Chen, 2016).

78
 5.3. Managerial implications
For game developers and business
Video games, a diverse and rich form of entertainment, have become an
indispensable part of modern life and are continually developing and improving. From
classic offline titles to captivating online and virtual reality experiences, video games
open up a new world where players can freely explore, learn, and connect with each
other. This is not just anyone’s playground, but a common cultural heritage of all
humanity, constantly reflecting the advancements in technology and the boundless
creativity of people, from which video games have a significant impact on people’s
daily activities, especially among the youth in terms of in-games spending
Firstly, the target group that the research team is focusing on is the youth,
particularly students, who are at an age where they have to go through a lot of pressure.
Therefore, it is very necessary to create a comfortable atmosphere for these individuals
to relieve stress and to be enthusiastic when playing games. Meanwhile, video games
are not just a simple form of entertainment; they are also a vibrant form of digital art,
capable of evoking deep and diverse emotions in each player. The emotional value that
games provide can positively influence the overall experience, from enhancing
empathy and understanding to creating unforgettable memories. Especially, it has a
positive impact on the intention to spend on games. When players feel happy, excited,
or even sad through the plot and characters in the game, they are not just playing a
game, but are also going through a rich emotional journey, enriching their real lives
and their in-game spending will rise.
Secondly, Games are not just a source of entertainment; they also open the door to
unique and personalized experiences. The quality value of video games - from
graphics, sound, storyline, to diverse features and flexibility in gameplay - all have a
profound impact on players’ spending intention. Specifically, research by our team also
indicates that quality value - flexibility positively affects spending intention. As the

79
quality increases, players are more willing to invest time, effort, and money to fully
enjoy what the game has to offer. This is not only reflected in the purchase of the game
but also in spending on related services, such as buying in-game items, upgrading
gaming equipment. The flexibility of the game, allowing players to customize and
express their personality through character appearance adjustments, is also an
important factor that encourages them to open their wallets. Therefore, the quality
value - flexibility not only enriches the gamers’ experience but also serves as a driving
force for the robust development of the gaming industry. Consequently, businesses
should capitalize on the benefits of interface quality and flexibility in character
appearance innovation, as well as cross-platform progression, to increase spending
intentions while they are playing games.
Additionally, for gamers, high quality not only delivers a smooth and engaging
gaming experience, but also reflects the developer’s respect for the player. Henceforth,
easy access to products broadens the opportunity for everyone to enjoy the experience,
regardless of geography or finances. The connection between quality and accessibility,
including factors like loading time and helpful guidance, has positively influenced
spending habits in gaming. This is also what makes players more likely to stay engaged
long-term, as they are willing to invest in games they feel are worth their money. This
not only drives the growth of the gaming industry but also contributes to creating a
healthy competitive environment. Therefore, businesses and developers should pay
more attention to these factors, as quality and convenience are the keys to success.
The next point is Economic Value, as mentioned before, the research group’s
subjects are the youth, particularly students. After analysis, the research team found
that individuals aged 18-22 have a high intention and frequency of spending, which
does not significantly increase like this when they reach the age of 30. At this age,
without a stable job and a limited budget, investment and spending must be cautious.
This is why the research group concluded that economic value has a positive impact on

80
purchase intention. Therefore, for developers and game makers, it might be beneficial
to choose different holidays to discount items, to attract young customers.
And the last implication for practice, for game developers and business, the
freemium model has proven to be an effective approach to pricing within the mobile
application sector. By optimizing aspects such as efficiency, effectiveness, or
enjoyment, and simultaneously reducing the cost of purchase, marketers are able to
elevate the perceived worth of the service (Hsu and Lin, 2015).
For academic researchers
The gaming industry is becoming increasingly developed, and many technical and
behavioral factors are also becoming more complex. Additionally, the youth of today
are at a developmental age and are absorbing a lot of new and old aspects of the era.
Despite this, there are very few scientific studies in Vietnam that seriously investigate
the spending behavior of the youth. From a theoretical standpoint, the study’s key
contributions are outlined below: It effectively combines perceived values with factors
related to mobile gaming within a research framework tailored for the in-app purchase
environment. It enhances comprehension of how these values correlate with the
intention to make in-app purchases. The proposed model suggests that attributes like
playfulness, attractive pricing, rewards, game quality, and social influence exert a
direct influence on the willingness to pay. Notably, the emotional and economic values
are identified as having the most substantial overall impact on purchase intentions.

5.4. Petition
5.4.1. Limitation
Despite limitations in data collection capability and research experience of the
author team, the study still faces the following constraints:

81
  Firstly, the research suffers from a limited sample size. It is confined to the
scope of Ho Chi Minh City, and the research model needs to be expanded and tested on
a broader scale to ensure greater authenticity.
 Secondly, the survey was conducted using an online questionnaire sent via
email through random sampling method. Therefore, the information obtained may not
ensure accuracy and reliability.
 Thirdly, during the research process, the team only proposed 5 factors
influencing young people's spending intention on electronic games. It's possible that
the authors overlooked other important factors that are more practical.
 Fourthly, the time frame for conducting the research was rather short, and
moreover, the research team members are currently students, so balancing between
self-study for new knowledge and building the model may result in limitations in
applicability and practicality compared to expectations.
However, the results of this study could serve as a foundation and reference for
larger studies in the future with a focus on the Ho Chi Minh City area and its vicinity
(due to cultural and demographic similarities).

5.4.2. Proposition
Important details are clarified by the study "Factors Affecting Intent to Purchase
Virtual Goods in Online Games" which advances the knowledge of how people play
online and on mobile devices. More than the film and music industries combined,
computer games have come to represent popular culture. The way that people play
games has changed dramatically in recent years, and this includes adult gamers,
parents, and kids. Concurrently, gaming activities have diversified, including eSports,
hardcore gaming, and serious gaming. Due to this ever-changing environment,
multidisciplinary studies in marketing, information systems, media studies, and internet
research have looked into how computer game consumption is developing. As the

82
digital gaming landscape continues to evolve, future research directions should
consider psychological, sociocultural, and economic dimensions, alongside the
implications for game design, consumer protection, and financial literacy programs.
Furthermore, it would provide insightful context to compare the amount of money
spent on online games with other forms of free time. Subsequent investigations may
also explore the enduring consequences, encompassing financial literacy and possible
risks. Ultimately, a comprehensive comprehension of this complex issue will be
ensured by taking into account the dynamic landscape of mobile gaming, virtual
effects, and regulatory frameworks surrounding microtransactions.
Two factors affecting the spending intention on online games of young people the
most have been determined – Emotional Value and Economic Value, here are some
suggestions for gaming businesses to focus on enhancing the two factors for future
development:
 Focus on fostering emotional connection:
- Develop engaging narratives and communities: Craft storylines and characters that
resonate with players, encouraging them to invest time and money; build communities
through forums, guilds, or social features to foster friendships and a sense of
belonging.
- Target specific emotions: Identify what emotions the game evokes (excitement,
competition, achievement) and tailor in-game experiences to amplify them.
- Offer meaningful rewards and achievements: Provide players with a sense of
accomplishment through in-game rewards and achievements that showcase their
progress and dedication.
 Enhance economic value in the games:
- Offer tiered pricing models: Give players a range of options, from free-to-play
with in-app purchases to premium subscriptions, this caters to different budgets and
spending preferences.

83
 - Transparency in monetization: Be upfront about what costs money and what value
it provides; avoid predatory practices and focus on microtransactions that enhance the
core gameplay experience.
- Meaningful rewards for purchases: Make sure in-app purchases provide tangible
benefits that improve gameplay or personalization, justifying the expense.

APPENDIX 1: THE OFFICIAL SURVEY QUESTION TABLE

I. PERSONAL INFORMATION
What is your gender?

 Male
 Female

How old are you?

 Below 13 years old

 From 13-17 years old
 From 18 - 22 years old
 From 23 - 30 years old

What is your monthly gaming expenditure based on your personal income?

 Below 500.000 VND

 From 500.000 to 1.000.000 VND
 From 1.000.000 to 3.000.000 VND
 Above 3.000.000 VND
 I never spend money on online games

84
II: FACTORS AFFECTING THE SPENDING INTENTION ON ONLINE
GAMES OF YOUNG PEOPLE IN HO CHI MINH CITY
When accessing the survey form, respondents will have to answer questions divided
into 4 factors: Emotional Value, Quality Value, Social Influence, and Economic Value
by rating on a Likert scale with 5 levels arranged from small to large: Strongly disagree
(1); Disagree (2); No opinion (3); Agree (4); Strongly agree (5).

Factors Question Name Reference

1. I like playing games. EMV1 Zhao, L., & Lu, Y.

(2012).

2. You think character's EMV2

Sierra Rativa, A.,
appearance is an
Postma, M., & Van
important factor to play
Zaanen, M. (2020).

Emotional 3. I think playing games is EMV3 Zhao, L., & Lu, Y.

Playfulness
value exciting (2012).

4. I often purchase in- EMV4 Wei, P. S., & Lu, H.

game items due to my P. (2014).
feelings Kim, B., Choi, M., &
Han, I. (2009).
Wang, W. T., & Li,
H. M. (2012).

Quality Flexibility My decision to spend QVF1 Fristedt, T., & Lo, N.

Value money is influenced by (2019).
my ability to design my

85
 in-game character or
avatar.

I prefer games that offer a

Böffel, C., Würger,
wide range of
S., Müsseler, J., &
customization options for QVF2
Schlittmeier, S. J.
characters, outfits, or
(2022).
equipment.

My tendency to spend
money on in-game items Newzoo. (2023,
QVF3
is influenced by cross- January 18).
platform progression.

I am more likely to invest

in games that have an
Sweeney, J., &
acceptable standard of QVF4
Soutar, G. N. (2001).
quality and have
consistent quality.

My decision to invest
money in a game is Andres, M. (2023,
QVF5
influenced by a good September 6).
storyline.

Accessibility I prefer to spend on games QVA1

Designing for user
with an intuitive and user-
experience: Creating
friendly interface
intuitive and user-
friendly interfaces.

86
 RedAlkemi. (2023,
June 12).

The navigation system in

a game affects the QVA2 Lee, C. (2022).
willingness to spend.

I am more likely to spend Zuniga, E., Milani,

on games that provide S., Leroy, G.,
QVA3
helpful guidance for new Rzepecki, J.,
players Georgescu, R.,
Momennejad, I.,
Bignell, D., Sun, M.,
I prefer games with Shaw, A., Costello,
controls that feel smooth QVA4 G., Jacob, M., Devlin,
and responsive. S., & Hofmann, K.
(2022).

Liu, S., Galbiati, F.,

The time it takes for a
Gregg, M., Eroglu,
game to load influences
QVA5 E., Claypool, M.,
my willingness to spend
Kuwahara, A., &
on in-game items
Scovell, J. (2022).

I am more likely to spend QVA6 Fang, J. (2020).

on games with a cohesive
and visually appealing

87
 design.

Social I often buy game

Hudders, L., De Jans,
influence characters and costumes
SIG1 S., & De Veirman, M.
similar to those used by
(2020).
streamers

Lim, X. J., Radzol, A.

I trust the game streamer's M., Cheah, J., &
SIG2
opinions and reviews Wong, M. W.

Game (2017).

influencer I am satisfied with the

items I’ve purchased in
SIG3 Ohanian, R. (1990).
the game based on a game
streamer's review

I feel that gaming

influencers regularly give Pornpitakpan, C.
SIG4
honest reviews about (2004).
products and services

Social Hamari, J., Alha, K.,

interaction I will buy items from an Järvelä, S.,
online game if my friend Kivikangas, J. M.,
SIS1
has a good experience Koivisto, J., &
with it Paavilainen, J.
(2017).

I share my experience SIS2 Hamari, J., &

88
 buying in-game items on
game forum groups on Järvinen, A. (2011).
social networks

I had a positive experience

purchasing in-game items
Lehdonvirta, V.
based on reviews and SIS3
(2009).
recommendations from
friends and relatives

I feel the shares and

reviews from friends,
relatives, and forum SIS4 Kim, B. (2012).
groups on social networks
are trustworthy.

Economic I am willing to buy virtual Hsiao, K., & Chen, C.

Value goods if they are sold at a EVP1 (2016).
good price.
Price
I am willing to buy more
virtual goods when a sales EVP2
promotion is held.

Rewards Higher game membership EVR1

receiving bigger rewards
and benefits in the game is
a reason for my in-game
purchase.

89
 Free/additional/daily
rewards received in the
game make me feel that EVR2
the game is worth the
price

1. I intend to pay for the

in-game items in the PI1
future

Purchase 2. I used to pay for the in-

PI2 Hsiao, K.L. (2013).
Intention game items

3. I believe that I will

make in-game purchase in PI3
the future

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 APPENDIX 2: EVALUATION RESULTS OF SCALES USING CRONBACH’S
ALPHA RELIABILITY COEFFICIENT
2.1. Emotional Value’s Statistics

2.2. Quality Value’s Statistics

91
2.3. Social Influence’s Statistics

92
2.4. Economic Value’s Statistics

93
94
 APPENDIX 3: EFA RESULTS
3.1. EFA’s analysis results of dependent variables

95
3.2. EFA’s analysis results of independent variables
3.2.1. EFA (first time)

96
97
98
99
100
3.2.2. EFA (second time)

101
102
103
104
105
APPENDIX 4: PEARSON CORRELATION ANALYSIS RESULTS

106
 APPENDIX 5: REGRESSION ANALYSIS RESULTS
5. Regression analysis results

107
108
109
 APPENDIX 6: INDEPENDENT SAMPLE T-TEST AND ONE-WAY ANOVA
RESULTS
6.1. Independent sample T-Test on Gender

6.2. One -Way ANOVA on Income

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6.3. One-Way ANOVA on Spending

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6.4. One-Way ANOVA on Age

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