DOES MILLENNIAL RATIONAL IN DECISION MAKING? THE IMPACT OF SELF-CONTROL AND E-MONEY ON COMPULSIVE BUYING: REFERENCE GROUP AS MODERATING VARIABLE

The millennial generation is known as the sandwich generation, whe­re they sometimes experience various problems in making decisions, including purchasing goods or services. These problems are essential to study re­garding decision-making, especially in the digital era. There are various con­ve­niences in conducting transactions, such as e-money. The millennial gene­ra­tion tends to compulsive buying for goods or services with various factors, both due to individual internal and external factors. This study aims to examine the effect of self-control and e-money on compulsive buying, which a referen­ce group moderates. The sampling technique used is purposive sampling with a total of 249 respondents, where the sample criteria are the younger generati­on with e-money applications. The data analysis technique uses SEM-PLS to test the hypothesis. The results showed that self-control weakened compulsive buy­ing due to the individual's ability to control himself in shopping. E-money usa­ge has a positive effect on compulsive buying because of easier tran­sac­ti­ons. The novelty of this study used the reference group as a moderating varia­ble, where the results of the reference group strengthen the influence of self-con­trol on compulsive buying because individuals get positive information and suggestion from the group. Finally, the reference group can weaken the in­flu­ence of e-money on compulsive buying. Although there is convenience in tran­sacting, the presence of information from the group can prevent them from compulsive buying.