Factors Influencing the Adoption Intention of Trading Cards as an Alternative Investment Asset among Millennials and Gen Z in Malaysia

Ng, Jia Teng (2025) Factors Influencing the Adoption Intention of Trading Cards as an Alternative Investment Asset among Millennials and Gen Z in Malaysia. Masters thesis, Tunku Abdul Rahman University of Management and Technology.

Text 12 Ng Jia Teng.pdf Restricted to Registered users only Download (3MB)

Abstract

Trading cards have emerged as an alternative investment asset among Generation Z (Gen Z) and Millennials in Malaysia. With the rising popularity of non-traditional investment assets and the increasing financial participation of these generations, trading cards especially from popular franchises such as Pokémon, One Piece, and Yu-Gi-Oh have gained attraction due to its cultural interest, digital exposure, and speculative investment potential. While previous studies have examined collectibles such as stamps, LEGO, and art as alternative investment assets, there remains a notable gap in literature specifically addressing trading cards, which possess distinct characteristics compared to other collectibles. To bridge the gap, this research examines how the Theory of Consumption Value (TCV) influences the adoption intention of trading cards as an alternative investment asset. This study investigates both direct and indirect effects including simple mediation, simple moderation and moderated mediation relationships among nostalgic appeal, social influence, market trend, epistemic value, investor preference, financial risk tolerance, and perceived financial well-being on adoption intention. Data was collected through an online self-administered questionnaire survey, generating 536 valid responses, and analysed using IBM SPSS and PLS-SEM software. The results show that all 16 hypothesised relationships are statistically supported. The research findings contribute both theoretical and managerial implications by identifying key factors influencing adoption intention. By examining multiple mediating and moderating relationships, the study deepens the understanding of the interconnections among the determinants whether direct or indirect. Finally, the research concludes with limitations and recommendations to guide future research in the context of trading card investments.