JURNAL KEUANGAN DAN BISNIS Volume 23. No. October 2025 EXPLORING HOW E-WOM AND ETHICAL SELF-IDENTITY MEDIATE THE IMPACT OF CONSUMER VALUES ON GREEN LUXURY FASHION PURCHASE INTENTION Rizni Aulia Qadri1 rizni@uib. SerlyA serly@uib. Lily Purwianti A purwianti@uib. 1,2,3 Faculty of Economics. International University of Batam. Indonesia Abstract Purpose: This study investigates the effects of environmental, social, functional, and personal values on consumersAo purchase intentions toward luxury fashion, with ethical self-identity and electronic word-of-mouth . -WOM) serving as mediating variables. Design/Methodology/Approach: A quantitative research design was applied using Partial Least SquaresAeStructural Equation Modeling (PLS-SEM). Data were collected from 468 social media users who expressed interest in luxury fashion consumption. Findings: The results indicate that environmental, social, and functional values positively influence ethical self-identity, while social, functional, and personal values significantly enhance social media engagement. Furthermore, e-WOM mediates the relationship between social value and purchase intention, suggesting that perceived social recognition is transformed into online advocacy, which ultimately strengthens consumersAo willingness to purchase sustainable luxury Practical Implications: These findings offer insights into how consumer value perceptions and online interactions jointly shape purchase intentions within the sustainable luxury context. The results may guide brand managers in developing strategies that integrate sustainability communication and consumer engagement through digital platforms. Originality/Value: This study contributes to sustainable luxury research by integrating two mediating mechanisms ethical self-identity and e-WOMAiinto a single structural framework. Unlike prior studies that examined luxury values independently or without behavioral linkages, this research elucidates how value perceptions are transmitted through ethical self-definition and digital advocacy before influencing purchase intentions, thereby offering a more holistic understanding of sustainable luxury consumption dynamics. Keywords: Purchase Intention. Ethical Self-Identity. e-WOM. Sustainable Luxury Fashion. Consumer Values Page 192 of 207 A [Rizni Aulia Qadr. Published in Jurnal Keuangan dan Bisnis (JKB). Published by LPPM. Universitas Katolik Musi Charitas. This article is published under the Creative Commons Attribution-NonCommercial 4. 0 (CC BY-NC 4. Anyone may reproduce, distribute, translate, and create derivative works of this article, subject to full attribution to the original publication and authors. The full terms of this licence may be seen at http://creativecommons. org/licences/by/4. 0/legalcode LPPM. Universitas Katolik Musi Charitas Website: https://journal. id/index. php/jkb Jurnal Keuangan dan Bisnis (JKB) Volume 23. No. 2/ October 2025 INTRODUCTION In recent years, luxury fashion consumption has risen significantly. The ownership of luxury brands not only reflects economic status but also symbolizes prestige and social identity (Natiqa et al. , 2. Luxury today is no longer perceived merely as a representation of wealth. rather, it embodies an appreciation for aesthetic, symbolic, and experiential values such as design excellence, craftsmanship, sensory appeal, and the cultural narratives embedded within products (Y. Wang, 2. Exemplary luxury brands that reflect these dimensions include Gucci. Chanel. Hermys. Rolex, and Prada. Along with the rapid advancement of digital technology, social media has become instrumental in shaping consumer behavior. These platforms not only serve as sources of information but also facilitate the sharing of experiences and recommendations, thereby amplifying electronic word-of-mouth . -WOM) effects (Chetioui et al. , 2. The Indonesian luxury fashion market demonstrates a promising growth According to Statista . , the Luxury Leather Goods segmentAiwhich encompasses handbags, suitcases, wallets, and other high-end leather accessoriesAiis projected to reach revenues of USD 712. 82 million in 2025, with an expected compound annual growth rate (CAGR) of 2. 02% for the period 2025Ae2030. Per capita expenditure for this segment is estimated at USD 2. 53 in 2025. Globally, the United States remains the dominant market, generating approximately USD 13 billion in the same year. Table 1. Market Outlook for Luxury Leather Goods (Indonesia vs Global, 2025 Projectio. Indicator Global Major Market Market Revenue (USD 712. 13,000 United States CAGR . 5Ae2. OO 3. Per Capita (USD) Indonesia Spending 2. Key Consumer Segments Millennials & Gen Millennials & Gen Ae Source: Statista . This upward trend is largely driven by Millennials . orn 1980Ae1. and Generation Z . orn 1996Ae2. , who are projected to account for nearly 45% of global luxury consumption by 2025. These younger consumers actively seek brand information and peer recommendations via social media, making digital interactions a critical determinant in purchase decision-making (Kuo & Nagasawa, 2. Beyond their pursuit of prestige, contemporary consumers are becoming increasingly conscious of ethical and environmental issues. The concepts of luxury and sustainabilityAionce considered contradictory are now converging. Many global brands have adopted environmentally Page 193 of 207 Full edition available at:https://journal. id/index. php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 23. No. 2/ October 2025 responsible practices such as using recycled materials, alternative leathers, and circular production systems that promote long-term ecological sustainability . e Klerk et al. Despite the growing academic interest in sustainable luxury fashion, a clear research gap persists, particularly in the Indonesian context. Most previous studies have examined consumer values only partially or have analyzed their direct effects on purchase intention, without integrating the mediating roles of conspicuous ethical self-identity and electronic word-of-mouth . -WOM) within a comprehensive structural framework. Although Essiz and Senyuz . identified the mediating role of ethical self-identity, their model primarily focused on internal psychological mechanisms and overlooked socio-personal dimensions and digital behavioral mediatorsAisuch as e-WOMAithat are especially relevant among Millennials and Gen Z consumers. This study extends prior research by incorporating social and personal values as additional determinants and by including e-WOM as a social-media-based mediator. This integration reflects the behavioral patterns of digital-era luxury consumers who are heavily influenced by content quality, brand storytelling, and celebrity endorsements (Athwal et al. , 2019. Bazi et al. , 2. By focusing on Indonesian consumers, the study contributes important contextual insight to the limited body of research on sustainable luxury in emerging markets. Accordingly, the findings are expected to provide both theoretical and managerial implications for eco-luxury fashion brands seeking to design marketing strategies aligned with Indonesian consumersAo values and digital engagement LITERATURE REVIEW The Theory of Consumer Value (TCV) proposed by Sheth et al. underpins this research as the principal framework to explain how consumers evaluate and translate value perceptions into behavioral intentions. TCV posits that consumer decision-making is influenced by multiple value dimensionsAifunctional, emotional, social, epistemic, and conditionalAiwhich collectively shape attitudes and behaviors. Within sustainable consumption, these values extend beyond utility and pleasure to include moral and ecological significance. In the context of luxury fashion, previous studies . Xiao Xuan, 2. have demonstrated that conditional, emotional, and green values are essential in explaining consumersAo willingness to purchase environmentally responsible products. In sustainable luxury contexts, green value represents consumersAo belief in the environmental benefits inherent in a product or service (Dhir et al. , 2. It reflects the degree to which products align with eco-conscious lifestyles and individual moral Empirical evidence shows that consumers perceive recycled or sustainable products not only as environmentally friendly but also as instruments for self-expression and social signaling (Park & Lin, 2. When individuals internalize these ecological beliefs as part of their moral identity, green value becomes integrated into their ethical self-concept. According to identity theory, such internalization fosters conspicuous ethical self-identity (CESI)Aia visible form of ethical awareness expressed through Page 194 of 207 Full edition available at:https://journal. id/index. php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 23. No. 2/ October 2025 consumption choices (Y. Wang, 2. Consequently, green value is expected to positively influence CESI (H. and indirectly increase purchase intention through that identity (H. Beyond environmental motives, social considerations also play a vital role. Social value arises from the perceived benefits of recognition, legitimacy, and elevated social standing that accompany consumption. Products conveying a sustainable or ethical image are often used by consumers to display socially approved behavior and gain symbolic prestige (Amin & Tarun, 2021. Woo & Kim, 2. Consistent with self-congruity theory, individuals prefer brands that reflect their desired social identity. Thus, social value is expected to enhance CESI (H. , as individuals internalize socially desirable traits into their ethical self-concept. Moreover, social value encourages electronic word-of-mouth . -WOM) activity (H. , as consumers share their positive experiences online to reinforce their social image. The influence of social value on purchase intention is therefore expected to operate both internally, through identity formation (H. , and externally, through digital advocacy (H. Functional value represents the perceived practical benefits of a productAisuch as quality, performance, price fairness, and reliability (Qasim et al. , 2. While often viewed as a rational evaluation, functional value can also shape ethical identity. Consumers who associate sustainable luxury goods with superior craftsmanship and utility may internalize these positive attributes into their moral self-view (Bhutto et al. Kushwah et al. , 2. In this sense, functional value supports ethical self-definition (H. and simultaneously promotes e-WOM activity (H. , since consumers tend to share favorable experiences when a product fulfills both performance and ethical expectations. These mechanisms suggest that functional value influences purchase intention directly and indirectly through both CESI (H. and e-WOM (H. In addition to these rational and social motivations, personal value emphasizes individual comfort, pleasure, and fulfillment derived from product use (Alrwashdeh et al. Consumers who perceive personal satisfaction from sustainable luxury products are more likely to engage voluntarily in digital word-of-mouth communication (Bushara et al. , 2023. Zeqiri et al. , 2. Accordingly, personal value is hypothesized to increase e-WOM (H. , which in turn mediates its effect on purchase intention (H. Conspicuous ethical self-identity (CESI) refers to the extent to which individuals view themselves as ethically conscious consumers and express that identity publicly through their purchasing behavior (Qasim et al. , 2. This identity functions as both an internalized belief system and an external signal of moral commitment (Confente et al. Previous research indicates that consumers with strong ethical self-identities demonstrate higher intentions to purchase sustainable products (Osburg et al. , 2021. Wang et al. , 2. Within this studyAos framework. CESI directly affects purchase intention (H. and mediates the effects of green, social, and functional values on purchase intention (H8AeH. , illustrating that consumer values must be internalized as ethical selfconcepts before translating into actual behavioral intentions. Page 195 of 207 Full edition available at:https://journal. id/index. php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 23. No. 2/ October 2025 Meanwhile, electronic word-of-mouth . -WOM)Aidefined as digital communication among consumers through reviews, recommendations, and testimonialsAiplays a pivotal role in modern consumption (Jiang, 2. Social, functional, and personal values are expected to increase consumersAo tendency to share positive feedback online (H4AeH. E-WOM also exerts a direct influence on purchase intention (H. , as positive online discussions enhance trust and perceived quality (Zhang et al. , 2023. Zeqiri et al. , 2. Furthermore, it mediates the relationships between consumer values . ocial, functional, and persona. and purchase intention (H12AeH. , reinforcing the notion that digital advocacy translates value perceptions into purchase Ultimately, purchase intentionAithe consumerAos willingness to buy sustainable luxury fashionAirepresents the behavioral outcome of this integrated framework (Kumar et al. , 2. It is influenced directly by CESI (H. and e-WOM (H. , and indirectly through the mediation of ethical self-identity and digital engagement. This dual mediation mechanism suggests that purchase intention in sustainable luxury contexts emerges not only from rational or moral evaluations but also from social expression and interactive digital communication, aligning with the consumption patterns of Millennials and Gen Z Green Value Functional Value Social Value Conspicous Ethical Self -Identity Purchase Intention E-WOM Personal Value Figure 1: Research Framework Source: data processed by researchers Based on the theoretical synthesis and the proposed research framework, each hypothesis in this study was formulated to represent the logical relationships among consumer values, ethical self-identity, e-WOM, and purchase intention. The framework reflects the assumptions of the Theory of Consumer Value (TCV) and identity-based consumption theory, suggesting that consumers evaluate products not only through utilitarian and social benefits but also through ethical self-definition and digital Page 196 of 207 Full edition available at:https://journal. id/index. php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 23. No. 2/ October 2025 Accordingly, the hypotheses posit that green, social, functional, and personal values serve as key antecedents influencing conspicuous ethical self-identity and electronic word-of-mouth, both of which act as mediating mechanisms that translate consumer values into purchase intention for sustainable luxury fashion. Each hypothesis thus arises from the theoretical and empirical arguments discussed earlier, aligning moral internalization . thical identit. and social interaction . -WOM) as dual pathways linking value perception to behavioral intention. Direct Effects toward Conspicuous Ethical Self-Identity (CESI) H1: Green value positively influences conspicuous ethical self-identity. H2: Social value positively influences conspicuous ethical self-identity. H3: Functional value positively influences conspicuous ethical self-identity. Direct Effects toward Electronic Word-of-Mouth . -WOM) H4: Social value positively influences electronic word-of-mouth. H5: Functional value positively influences electronic word-of-mouth. H6: Personal value positively influences electronic word-of-mouth. Direct Effects toward Purchase Intention H7: Conspicuous ethical self-identity positively influences purchase intention. H8: Green value positively influences purchase intention through conspicuous ethical self-identity. H9: Social value positively influences purchase intention through conspicuous ethical self-identity. H10: Functional value positively influences purchase intention through conspicuous ethical self-identity. H11: Electronic word-of-mouth positively influences purchase intention. Indirect (Mediate. Effects through e-WOM H12: Social value positively influences purchase intention through electronic word-ofmouth. H13: Functional value positively influences purchase intention through electronic wordof-mouth. H14: Personal value positively influences purchase intention through electronic wordof-mouth. RESEARCH METHODS This study employed a quantitative approach with an associative survey design to examine the influence of consumer value dimensions on purchase intention for sustainable luxury fashion products, while also testing the mediating roles of Conspicuous Ethical Self-Identity (CESI) and Electronic Word-of-Mouth (E-WOM). The quantitative approach was chosen because it enables objective measurement of relationships among constructs and supports statistical hypothesis testing within a structural model framework. Page 197 of 207 Full edition available at:https://journal. id/index. php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 23. No. 2/ October 2025 The population consisted of residents of Batam City who have an interest in environmentally friendly fashion products and are active social media users. Batam was selected as the research location due to its cosmopolitan consumer profile, high internet penetration, and exposure to international fashion trends. Sampling was conducted using a purposive sampling technique to ensure that only individuals meeting the inclusion criteria were involved, namely consumers who had previously interacted with or purchased luxury fashion brands, followed sustainable fashion content online, or expressed awareness of eco-friendly brand initiatives. The sample size was determined based on the minimum ratio of ten respondents per indicator, following the guidelines of Hair et al. With a total of 30 questionnaire items, the minimum required sample size was 300 respondents. strengthen validity and reliability, data were collected from 468 qualified respondents, which exceeded the minimum threshold for Partial Least SquaresAeStructural Equation Modeling (PLS-SEM) analysis. This sample size ensured sufficient statistical power and robustness of parameter estimation. Data were obtained through an online questionnaire distributed via Google Forms between February and April 2025. The survey link was disseminated through social media platforms such as Instagram. Facebook, and X, as well as through online fashion communities in Indonesia. Respondents were required to provide informed consent prior to participation, confirming that their responses would remain confidential and used exclusively for academic purposes. The research instrument was developed based on previously validated scales, adapted and contextualized to the sustainable luxury fashion setting. The questionnaire consisted of two sections: the first captured demographic information . ge, gender, income, and frequency of social media us. , and the second contained measurement items for the study constructs. All constructs were assessed using a five-point Likert scale, ranging from 1 (Austrongly disagreeA. to 5 (Austrongly agreeA. , to capture the intensity of respondentsAo perceptions. The green value scale was adapted from Dhir et al. and Wang . social value from Woo and Kim . and Amin and Tarun . functional value from Qasim et al. and Bhutto et al. and personal value from Alrwashdeh et al. and Zeqiri et al. The items measuring Conspicuous Ethical Self-Identity were adapted from Qasim et al. and Confente et al. while Electronic Word-of-Mouth was derived from Zhang et al. and Jiang . Purchase intention was measured using items from Kumar et al. and Shaari et al. The questionnaire underwent a translation and back-translation process to ensure semantic equivalence between English and Bahasa Indonesia. Data analysis was performed using Partial Least SquaresAeStructural Equation Modeling (PLS-SEM) with SmartPLS 4. 0 software. This analytical technique was chosen because it is suitable for predictive and theory-testing purposes in complex models involving multiple mediators and latent constructs. The analysis comprised two main stages: assessment of the measurement model and evaluation of the structural model. The measurement model tested the reliability and validity of the constructs by examining Page 198 of 207 Full edition available at:https://journal. id/index. php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 23. No. 2/ October 2025 indicator loadings. CronbachAos alpha, composite reliability, and average variance extracted (AVE). Convergent validity was achieved when indicator loadings exceeded 7 and AVE values were above 0. 5, while discriminant validity was confirmed using the FornellAeLarcker criterion and the HeterotraitAeMonotrait ratio (HTMT) below 0. The structural model was subsequently evaluated by analyzing the path coefficients, t-values, and p-values obtained through the bootstrapping procedure with 5,000 subsamples. The strength and significance of direct and indirect effects were used to assess the proposed hypotheses. Model quality and predictive accuracy were evaluated using RA. QA, and effect size . A) statistics, ensuring that the model met the minimum thresholds for explanatory and predictive adequacy. The absence of multicollinearity was confirmed through variance inflation factor (VIF) values below 5, indicating that the independent constructs were distinct and non-redundant. All procedures were conducted in compliance with ethical research standards. Participation was voluntary, and respondents were informed that no personal identifiers would be collected. The methodological rigor employed in this study ensured that the data obtained were both valid and reliable, allowing for robust hypothesis testing and meaningful interpretation of the relationships among consumer values, ethical selfidentity, electronic word-of-mouth, and purchase intention in the context of sustainable luxury fashion. RESULTS This section presents the empirical findings obtained from data analysis using the Partial Least SquaresAeStructural Equation Modeling (PLS-SEM) approach. The results include descriptive statistics of respondents, assessment of the measurement model to evaluate reliability and validity, and hypothesis testing through the structural model. The purpose of these analyses is to examine the relationships among consumer value dimensions, conspicuous ethical self-identity, electronic word-of-mouth, and purchase intention in the context of sustainable luxury fashion. Descriptive analysis is first conducted to provide an overview of the demographic profile of respondents, followed by measurement model evaluation to ensure that all constructs meet the required psychometric properties. Subsequently, the results of hypothesis testing are presented to determine the significance of direct and indirect relationships proposed in the conceptual framework. The findings are then interpreted in light of theoretical expectations and prior empirical evidence. Page 199 of 207 Full edition available at:https://journal. id/index. php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 23. No. 2/ October 2025 Table 2. RespondentsAo Demographic Profile Variable Gender Age Monthly Income Education Level Main Social Media Used Purchase Frequency of Luxury Brands Source: SmartPLS Output . Dominant Category Female 23Ae28 years IDR 4. 5Ae8 million BachelorAos degree Instagram Once a year or less Percentage (%) The respondents were predominantly female, young adults aged 23Ae28 years, and belonged to the middle-income group, indicating an active consumer segment with moderate purchasing power. Most held a bachelorAos degree and used Instagram as their main social media platform, reflecting a digitally engaged audience aligned with luxury fashion marketing trends. The finding that one-third of respondents purchase luxury brands only once a year suggests that luxury fashion consumption is selective and valuedriven, emphasizing ethical awareness and social identity expression rather than frequent buying behavior. Validity testing confirmed that all indicators met the convergent validity threshold, with outer loadings above 0. 7 and AVE values greater than 0. 5, indicating that each item significantly contributed to its construct. The Variance Inflation Factor (VIF) for all indicators was below 5, suggesting the absence of common method bias. Discriminant validity was also achieved, as all HTMT values were below 0. 9, meaning that each construct was empirically distinct. Reliability tests showed that all variables had Composite Reliability and CronbachAos Alpha values exceeding 0. 7, confirming the internal consistency and stability of the measurement model. Structural model testing using the bootstrapping procedure with 5,000 subsamples at a significance level of 5% revealed that all hypothesized relationships were statistically significant . < 0. Conspicuous Ethical Self-Identity (CESI) demonstrated the strongest direct influence on Purchase Intention ( = 0. t = 9. , highlighting that sustainable luxury fashion purchases are primarily driven by consumersAo desire to affirm their ethical self-concept. Electronic Word-of-Mouth (E-WOM) also had a positive and significant effect on Purchase Intention ( = 0. t = 5. , emphasizing the role of digital interactions and online recommendations in shaping positive purchase perceptions. Among the antecedent variables. Green Value had the most substantial influence on CESI ( = 0. t = 5. , followed by Social Value ( = 0. t = 5. and Functional Value ( = 0. t = 4. The mediation results confirmed that both CESI and E-WOM served as significant mechanisms linking consumer values to purchase Specifically. CESI mediated the effects of Green Value. Social Value, and Functional Value, while E-WOM mediated the effects of Social Value. Functional Value, and Personal Value. All mediation paths showed p-values below 0. 05, indicating Page 200 of 207 Full edition available at:https://journal. id/index. php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 23. No. 2/ October 2025 statistically robust indirect effects. A summary of significant relationships is presented in Table 3. Table 3. Summary of Hypothesis Testing Results Path Relationship Coefficient CESI Ie PI E-WOM Ie PI FV Ie CESI FV Ie E-WOM GV Ie CESI PV Ie E-WOM SV Ie CESI SV Ie E-WOM FV Ie CESI Ie PI FV Ie E-WOM Ie PI GV Ie CESI Ie PI PV Ie E-WOM Ie PI SV Ie CESI Ie PI SV Ie E-WOM Ie PI Source: SmartPLS Output . t-Statistics p-Values Result Supported Supported Supported Supported Supported Supported Supported Supported Supported Supported Supported Supported Supported Supported Overall, the model confirms that ethical self-identity and digital engagement jointly mediate the effect of consumer values on sustainable purchase behavior. The findings suggest that consumers are not only rational in evaluating product benefits but also moral and socially expressive in their decision-making. Sustainable luxury brands, therefore, benefit when they successfully align product attributes with consumersAo ethical self-concept and facilitate positive online interaction that reinforces social validation. DISCUSSION The results of this study confirm that Conspicuous Ethical Self-Identity (CESI) and Electronic Word-of-Mouth (E-WOM) significantly influence the Purchase Intention of sustainable luxury fashion products. Consumers with a strong ethical identity tend to select environmentally friendly luxury products as a means of expressing their moral values and self-image. This finding aligns with Kumar et al. , who assert that environmental awareness shapes sustainable consumption behavior. However, compared to global contexts. Indonesian consumers display stronger sensitivity to social value and symbolic status as determinants of ethical expression. Purchasing decisions in this context are not merely individual acts of moral commitment but are also influenced by social norms and peer validation (Wongsawan & Nuangjamnong, 2. Likewise. E-WOM plays a crucial role in shaping purchase intention by enhancing trust, social pressure, and perceived product credibility. In a collectivist culture such as Indonesia, online Page 201 of 207 Full edition available at:https://journal. id/index. php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 23. No. 2/ October 2025 communication serves not only as information exchange but also as a mechanism of social conformity and moral signaling (Sosanuy et al. , 2. The analysis further reveals that Functional Value. Green Value. Social Value, and Personal Value significantly contribute to the formation of CESI and E-WOM. These consumer values jointly explain the dual process through which sustainable luxury consumption occursAithrough internal identity formation and external social expression. Functional Value, encompassing product quality, durability, and practical utility, strengthens consumersAo perception of being socially responsible individuals. This finding is consistent with Aravindan et al. and Nuzula & Wahyudi . , who demonstrated that satisfaction derived from product performance encourages consumers to engage in digital advocacy. Critical analysis suggests that the influence of Functional Value on CESI is stronger for products with clearly verified sustainability claims, whereas its impact on E-WOM depends more on the uniqueness and usability of the product Green Value was also found to have a significant effect on CESI. Environmentally friendly attributes allow consumers to reinforce their self-image as individuals who care about ecological preservation, translating moral values into purchasing decisions. This result is in line with Hamzah & Tanwir . and Park & Lin . , who emphasize that green products enable consumers to express global environmental concern through conscious luxury choices. Theoretically, this finding supports identity theory, in which green value becomes internalized as part of the self-concept and guides ethical consumption behavior. Personal Value exhibited a significant influence on E-WOM. Consumers who experience emotional satisfaction, pride, or personal fulfillment from purchasing luxury goods tend to share their experiences online. This confirms findings by Alrwashdeh et al. Bushara et al. , and Zeqiri et al. , indicating that positive emotional experiences enhance consumersAo motivation to influence others through digital In this sense. Personal Value acts as an affective trigger that converts private satisfaction into public expression, reinforcing the social diffusion of ethical consumption messages. Social Value plays a central role in shaping both CESI and E-WOM. Products that enhance social recognition, prestige, or acceptance encourage consumers to choose brands that reflect ethical and aspirational identities. This is consistent with findings by Jiang . Tanrikulu . , and Woo & Kim . , which show that sustainable products serve as social markers of moral distinction. The influence of Social Value on E-WOM operates externally through self-presentation motives, while its impact on CESI functions internally as an identity-alignment process. Moreover. CESI was found to mediate the relationship between Functional Value. Green Value, and Social Value and Purchase Intention. Consumers who perceive high environmental and functional benefits internalize these as part of their ethical identity, thereby increasing their willingness to purchase. This finding supports Qasim et al. Page 202 of 207 Full edition available at:https://journal. id/index. php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 23. No. 2/ October 2025 . Hamzah & Tanwir . , and Yu & Lee . , who confirm that ethical selfidentity acts as a psychological bridge between consumer values and behavioral intention. The mediating effect of CESI was particularly strong for Green Value and Social Value, suggesting that the internalization of ethical beliefs is the key pathway linking perceived values to sustainable consumption. At the same time. E-WOM serves as an external mediator between Functional Value. Social Value, and Personal Value and Purchase Intention. Consumers who experience high functional utility, social approval, or personal enjoyment are more likely to share their satisfaction digitally, turning online communication into a moral and social signaling platform. This finding is consistent with Aravindan et al. Liao et al. , and Nuzula & Wahyudi . The mediating role of E-WOM is particularly salient for expressive and social values, whereas Green Value influences purchase intention primarily through CESI, indicating a distinction between internal ethical commitment and external social validation. Overall, these results highlight the interdependence between ethical identity and digital engagement in explaining sustainable luxury consumption. Conspicuous Ethical Self-Identity functions as an internalization mechanism of moral values, while E-WOM represents their social articulation in digital communities. This dual mechanism provides empirical evidence that sustainable luxury purchasing is both identity-driven and socially Therefore, luxury fashion brands should not only emphasize functional excellence and environmental responsibility but also facilitate consumer participation in ethical identity formation and digital advocacy. Such strategies can transform sustainability from a mere product attribute into a core component of brand meaning and consumer self-expression. CONCLUSION AND RECOMMENDATIONS The results of this study confirm that the purchase intention of sustainable luxury fashion products is strongly determined by consumersAo ethical identity and digital Conspicuous Ethical Self-Identity (CESI) emerged as the most influential factor, indicating that consumers are motivated to purchase eco-luxury products to express moral values and reinforce an ethical self-concept. The significant role of Electronic Word-of-Mouth (E-WOM) further emphasizes the importance of digital social influence in shaping purchase decisions. These findings demonstrate that sustainability in luxury consumption is not only a matter of product attributes but also an expression of identity, social approval, and online advocacy. From a theoretical standpoint, the study extends the Theory of Consumer Value (TCV) by integrating ethical identity and digital communication as dual mediating It provides empirical evidence that consumer valuesAiparticularly green, social, functional, and personal dimensionsAiaffect behavioral intention through both internal moral reasoning and external social validation. This dual-path model enriches the Page 203 of 207 Full edition available at:https://journal. id/index. php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 23. No. 2/ October 2025 understanding of sustainable consumption behavior by linking cognitive, affective, and social dimensions within the luxury context. Managerially, the findings suggest that luxury brands should strengthen their ethical identity positioning by embedding sustainability narratives into their brand stories, design philosophies, and communication strategies. Transparent environmental commitments, certification of eco-materials, and socially responsible campaigns can enhance consumersAo moral identification with the brand. Simultaneously, brands should leverage digital platforms to encourage consumer participation in e-WOM activities, such as interactive storytelling, influencer collaborations, and user-generated content that amplifies sustainability messages. For policymakers and sustainability advocates, these findings highlight the importance of promoting ethical consumption as part of social identity formation, particularly among younger generations who are both digitally active and environmentally aware. Educational initiatives that foster ethical awareness and digital responsibility can strengthen long-term commitment to sustainable lifestyles. Future research is encouraged to explore cross-cultural differences in ethical identity expression and to include longitudinal designs to observe behavioral changes over time. Examining how cultural values, social norms, and technological engagement interact may offer deeper insight into the dynamics of sustainable luxury consumption. In conclusion, sustainable luxury fashion is evolving from a symbol of material prestige into a manifestation of moral consciousness and digital participation. Consumers no longer buy luxury solely for exclusivity they purchase it as a statement of who they are and what values they stand for. REFERENCES