Virtual Influencer Effects in China's Gen Z Market: How Core Characteristics and Dual Moderation Shape Purchase Intentions

Virtual influencers have become a key tool in modern marketing due to their high controllability and cost-effectiveness, gradually replacing traditional influencers and celebrities. This study focuses on virtual influencers as brand endorsers, based on signaling theory and attachment theory, exploring the influence of five key characteristics - controllability, interactivity, parasocial relationship, influencer-product congruence, and source credibility on the purchase intension of Chinese Generation Z consumers. The study used a quantitative approach to collect datathrough a structured questionnaire distributed to 403 Chinese Generation Z consumers, with the sample covering different city tiers to reflect regional diversity. The data were subjected to exploratory factor analysis (EFA), and the structural equation modeling using the partial least squares (PLS-SEM) method. The results show that all five key characteristics of virtual influencers significantly and positively influence consumer purchase intentions. Brand equity moderated the effects of controllability and influencer- product congruence on purchase intention, while emotional attachment amplified the roles of interactivity, parasocial relationships, and source credibility. However, some of the moderating effects did not reach statistical significance, suggesting that the traditional moderating structure may not adequately reflect the dynamic impact of the virtual influencer's non-human characteristics and its high controllability. This study expands the application of signaling theory and attachment theory to reveal the unique role of brand equity and emotional attachment in the context of virtual influencer. The findings provide guidance for companies to optimize their virtual influencer marketing strategies.