Akfini Farihah Fiddarayni1, Sepky Mardian2 Abstract. Generation Z (Gen Z) have distinctive consumer behavior as trends massively influence them. This study aims to determine the effect of financial literacy, halal certification, and halal awareness of halal-labelled cosmetics among Gen Zs, using the case of undergraduate students in Depok. The methodology used is quantitative with a causal approach. The data were obtained from 101 female students filling out the questionnaire. The data was processed using Partial Least Squares-Structural Equation Model (PLS-SEM). The findings indicated that financial literacy influenced the users of halal cosmetics. However, halal variables related to halal certification and awareness have not significantly influenced cosmetic consumption. Keywords: Cosmetics; Financial Literacy; Halal Certification; Halal Awareness Abstrak. Gen Z memiliki perilaku konsumen yang khas karena tren me- mengaruhi mereka secara besar-besaran. Penelitian ini bertujuan untuk menge- tahui pengaruh literasi keuangan, sertifikasi halal, dan kesadaran halal kosmetik berlabel halal di kalangan Gen Z dengan menggunakan kasus mahasiswa S1 di Depok. Metodologi yang digunakan adalah kuantitatif dengan pendekatan kausal. Data diperoleh dari 101 mahasiswi yang mengisi kuesioner. Data diolah dengan menggunakan Partial Least Squares-Structural Equation Model (PLS- SEM). Temuan menunjukkan bahwa literasi keuangan memiliki pengaruh signifikan terhadap pengguna kosmetik halal. Namun variabel halal terkait sertifikasi dan kesadaran halal tidak berpengaruh signifikan terhadap konsumsi kosmetik halal. Kata kunci: Kosmetik; Literasi Keuangan; Sertifikasi Halal; Kesadaran Halal Gen Z' Halal Cosmetic Purchasing: Merely a Way of Life? Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Volume 14 (2), Jul-Dec 2022 P-ISSN: 2087-135X; E-ISSN: 2407-8654 Page 357 - 380 1,2SEBI Islamic Economics College, Indonesia E-mail: 1akfinifarihah1@gmail.com, 2sepky.mardian@sebi.ac.id Author: Akfini Farihah Fiddarayni Received: 29 June 2022 Accepted: 19 December 2022 Published: 31 December 2022 mailto:akfinifarihah1%40gmail.com?subject= mailto:sepky.mardian%40sebi.ac.id?subject= 358 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Vol. 14 (2), Jul-Dec 2022 Introduction The size of the global halal market is estimated to reach USD9.71 trillion by 2025 (Johnson, 2019), while the global halal market is expected to reach USD54.16 million by 2022 (Allied Market Research, 2017). This figure illustrates that the demand for halal cosmetic products will increase over time due to various factors. These factors include the increasing purchasing power of the Muslim population as well as the desire of the Muslim community to associate their interests with cosmetic products that are in accordance with religion. Suryani et al. (2021) found that the interest in halal cosmetics kept increasing over the years. Therefore, they are confident that halal cosmetic products would widely potential. As a result, the term "halal cosmetics" emerged in these issues (Sulaiman et al., 2020). Based on the Global Islamic Economic Report, Indonesia is a country that has the largest Muslim and has become a Muslim majority population in the world by spending up to USD218.8 billion for all sectors in 2017. In addition, Indonesia's Muslim population of 215 million people represents 13% of the Muslim population in the world. It has a dominant role in developing and improving the sharia economy in the world, especially halal compliance with food, by focusing on increasing consumer awareness and behavior (Indonesian Ministry of National Planning, 2019). The 2019 Global Muslim Travel Index states that "Indonesia is the center of the global halal industry", so it has been named the first rank of the halal industry. The statement stated the increasing awareness of Muslims in Indonesia and Muslims worldwide on the importance of halal products in life, followed by the development of the halal industry in various sectors. The halal industry is experiencing very rapid development, not only in the food industry but also in the pharmaceutical and cosmetic sectors, fashion, tourism and culture, logistics, Islamic finance, and others (CrescentRating, 2019). However, in the 2021 Global Muslim Travel Index, Indonesia has decreased in rank to fourth while Malaysia was in first place in the halal industry. This is due to the increasing awareness of Muslim consumers in the halal industry (Aisyah, 2016; CrescentRating, 2021). The increasing awareness of Muslim consumers in the halal industry will increase the demand for halal cosmetics and encourage the growth of the halal cosmetic industry worldwide. Manufacturers have invested a lot of capital to participate in the industry and generally want their business to last longer. One way to do this is to ensure there will be a demand for the product. Therefore, it is necessary to identify the factors that can contribute to the increase in demand. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 Akfini Farihah Fiddarayni. Gen Z' Halal Cosmetic Purchasing: Merely a Way of Life? 359 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 Knowing these factors will enable producers to strategize their marketing plans (Sulaiman et al., 2020). In addition, most of the main consumers of beauty products are undergraduate college students. On average, female students are known as Gen Z, the generation born between 1996-2009. There is even a new generation who study in college or university. These generations know technology from an early age and use it daily, one of which is shopping behavior. So that this Gen Z generation will be a large population, and their purchasing power will become a target for the cosmetic industry (Ishak et al., 2020). Gen Z now uses social media as a driving force to make decisions. This generation quickly absorbs the latest information and news (Handriana et al., 2021), especially in buying and choosing cosmetic products. This generation is more concerned with trends. The trend factor will change the millennial (including Gen Z) generation's consumption pattern: trying to meet their needs and forcing themselves to fulfill their "wants" (Thoyibah et al., 2021). The factor that influences them in choosing cosmetics is financial literacy. Information about cosmetics is a situation where a person can access all relevant cosmetic information and analyze it adequately before deciding to buy any cosmetic item they like (Ambo & Sapir, 2020). Before choosing a product, female students must consider their daily income and expenses not to be trapped by a wasteful lifestyle. Students earn income from their parents, scholarship funds or work. In fulfilling their needs, they allocate their funds for consumption expenditures. Keynes revealed that the power of income almost completely influences consumption spending. A person's consumption is directly proportional to his income, meaning the greater his income, the greater his consumption expenditure (Priyono & Chandra, 2016). Therefore, financial literacy identifies and prioritizes primary, tertiary, and secondary needs (Ambo & Sapir, 2020). In addition, there is another sustainable factor, namely halal certification from the Majelis Ulama Indonesia (MUI). The halal certification of a product is about the processing of a product that meets standards in safety and cleanliness and ensures the safety of a product so that it can be consumed by Muslims (Budirman, 2020). UU Nomor 33 Tahun 2014 about Halal Product Guarantee stated that halal certification is an acknowledgment of the halal status of a product issued by the Badan Pengelola Jaminan Produk Halal (BPJH) (Undang-Undang Nomor 33 Tahun 2014 Tentang Jaminan Produk Halal, 2014). This regulation emphasizes http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 360 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Vol. 14 (2), Jul-Dec 2022 the importance of halal products being consumed. Therefore, MUI certification is necessary, not a desire (Masrul & Sevie, 2020). The official halal status of a product the authorized institutions issued will be a chosen factor for Muslims. On the other hand, consumer interest in using cosmetics has changed from complementary needs to primary needs for some people. For some conditions, women tend to use their money to beautify their appearance, such as clothes, grooming tools, hair beauty and so on (Widyaningrum, 2019). Another supporting factor is consumer awareness of consuming halal cosmetics. The theory of planned behavior (TPB) might describe the awareness factor. The TPB explained that attitude and subjective norms could determine awareness and perceived behavioral control. Meanwhile, in terms of awareness, it has three aspects: religious belief, self-identity, and media exposure (Farlina et al., 2015). Religious belief is one of the potential sources for Muslims in their awareness to consume halal products. Self-identity means running a Muslim person in accordance with the rules of Islamic law. Media exposure means a source of information or media influencing consumers to use halal products (Masrul & Sevie, 2020). Through the description above, it can be identified that the emergence of Gen Z has great potential in the consumption industry. So many industries are starting to focus on the millennial generation (including Gen Z) (Sugianto & Brahmana, 2018). The number of Gen Z now, on average, is university students. This research is aimed at Depok City students because Depok City has a strategic regional position, located between the capital city of Jakarta and Bogor Regency (Kautsar et al., 2016). In addition, due to its strategic location, Depok City has a variety of universities, from state to private universities, and even various types of students from within and outside the region (overseas). This causes the behavior of each different student to join a new environment (university). There are several previous studies has conducted, such as the literacy level of halal cosmetics (Ambo & Sapir, 2020); focusing on knowledge, perceived behavior control, and religious commitment (Huda et al., 2018); halal labels, halal awareness, and celebrity endorser (Widyaningrum, 2019), and consumer awareness based on religious beliefs, self-identity, and media exposure (Farlina et al., 2015). Previous research on halal cosmetics was limited to brand awareness or consumer awareness of halal, while the current research has been on halal http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 Akfini Farihah Fiddarayni. Gen Z' Halal Cosmetic Purchasing: Merely a Way of Life? 361 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 cosmetics. The consumption followed the brand or halal awareness because it was an action. This trigger may be the next level of the action, which becomes a gap in the research to be conducted. The previous research also came up with a different approach in terms of data analysis. Some of them applied the Pearson Correlation analysis and t-test (Ishak et al., 2020); regression analysis (Simanjuntak & Dewantara, 2014), and Structural Equation Modelling with Partial Least Square (SEM PLS) (Herlina et al., 2020). In fitting the collected data, the current research also applied the SEM- PLS to test the variable data with latent and observed variables. This study discusses the issue of financial literacy, halal certification, and awareness of Muslim consumers in consuming halal-labelled cosmetic products. Various factors influence these variables in consuming halal cosmetic products. The rest of the paper is organized in the following sequence: the literature survey of relevant studies is provided in the next section. The research method and data on which the analysis is conducted are presented in Section 3. Section 4 discusses the results and implications of the paper. Lastly, section 5 concludes the article. Literature Review Theoretical Framework Ajzen and Fishbein (1985) developed a model of consumer behavior known as the Theory of Planned Behavior (TPB) model. Previously, this theory was known as the Theory of Reasoned Action (TRA). The contents of the Theory of Planned Behavior are behavioral intention factors, but there are additional factors into three: attitude, subjective norms, and perceived behavioral control. They describe attitude as a factor that exists in individuals to respond consistently, such as liking or disliking the assessment of a given object. Furthermore, subjective norms or intentions are perceptions of an individual with social pressure to do or not do something significant to a behavior. Furthermore, the behavioral control factor is an individual's belief in external and internal factors to act. This theory was applied in some research which found the decision behaviour in environmental, sustainable, and transport settings; health; psychology; hospitality and tourism; and innovation and technology (Uturestantix et al., 2022). There are some studies on Islamic economics discipline, such as the use of Islamic banking products and services (Purwanto, et al, 2022; Santoso & Nurzaman, 2022), investing in Islamic capital market products (Yandra & Wijayanti, n.d.), http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 362 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Vol. 14 (2), Jul-Dec 2022 giving donations (zakāh, infāq, waqf, other alms) (Hidayah & Mutiara, 2022; Sukmana et al., 2022), and also halal tourism (Bhutto et al., 2022; Mohammed et al., 2022) which applied the TPB were found increasingly nowadays. Moreover, the TPB has become a popular theory applied in halal research (Mubarrok et al., 2020). Again, this study also benefits the TPB as a theoretical background in explaining the determinants of Gen Z consumer behaviour on halal cosmetics. We identify financial literacy, halal certification and halal awareness as independent of the customer behaviour of Gen Z. We imply financial literacy as a psychological factor related to the Gen Z attitude, halal certification as a behavioural control component in the Muslim Gen Z's purchasing control, and halal awareness as subjective norms owned by the Muslim Gen Z. Development of the Cosmetic Industry in Indonesia The emergence of a halal lifestyle (halal lifestyle) has become a lifestyle for today's society. It has made a global trend with implementing a halal lifestyle in various worlds. Therefore, the halal lifestyle has received a positive response at home and abroad. One of them is Indonesia, a pioneer of the halal lifestyle, which has now become a trend in the community. This is because the halal lifestyle is challenging for the Muslim community in Indonesia, even though the target market is aimed at young people, especially in the halal cosmetic industry (Adinugraha & Sartika, 2019). According to Global Islamic Economy Report 2016/2017, the value of Muslim food and lifestyle expenditure in the world's halal sector reached USD1.9 trillion in 2015 (Thomson Reuters, 2016). In recent years, the cosmetic industry in Indonesia has increased in rank from rank 8 in 2016 to rank 6 in 2020 (Dinar Standard, 2020). In the halal cosmetic industry, many cosmetic companies from outside and within the country are hunting for halal certification to make Muslims the target market, especially in Indonesia, making halal certification in a cosmetic a current trend. In addition, the government also plans that cosmetics distribution in Indonesia must have halal certification by 2019 (Herlina et al., 2020). In addition, in today's era, the cosmetic market has developed into an online market so that it is more popular among consumers, both those who live at home and those who work in the office. In addition, investment in the cosmetics sector increased from USD45 million to USD124.7 million last year. However, it remains http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 Akfini Farihah Fiddarayni. Gen Z' Halal Cosmetic Purchasing: Merely a Way of Life? 363 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 relatively small compared to other sectors, similar to the previous year. Investment grew from 2018/19 to 2019/20 (Dinar Standard, 2020). The progress of the cosmetic industry with the trend of consumer interest in Indonesia has increased the use of halal products, including the MUI halal label, in 2016-2019 (Nurbaiti, 2019). Based on data from the Ministry of Industry, in 2019, there were 294 cosmetic industries registered in the Badan Koordinasi Penanaman Modal (BKPM) and 503 industries were not registered. The number of large cosmetic industries and Industri Kecil dan Menengah (IKM) is 797 (Kemeperin, 2020). In 2021, it was known that the cosmetic industry was growing until its development reached 5.59% (Databooks, 2021). This shows that the cosmetic industry is growing every year. Financial Literacy Financial literacy refers to understanding to manage personal finances well to make decisions (saving or investing) (OJK, 2017). In addition, the triggering factor for differences in the level of student financial literacy is the difference in opportunities to acquire knowledge and abilities in the financial sector (Ester & Soejono, 2020). This relates to the Theory of Planned Behavior (TPB), namely attitudes, which are psychological factors related to thinking and evaluating financial problems for each consumer. Attitudes are influenced by one's financial knowledge, understanding, perceptions, and thoughts that influence one's activities and behavior. For example, if someone is satisfied with the benefits of saving for the future, that person starts saving and does it on an ongoing basis. Briefly, the Theory of Planned Behavior relates financial literacy to consumer behavior (Soyeon et al., 2009). Therefore, the hypothesis in this study is as follows: H0 : There is no significant influence of financial literacy on consumer behavior. H1 : There is a significant influence of financial literacy on consumer behavior. Halal Certification Halal certification is one of the factors that can build consumer trust and help companies direct all sales with halal-certified products and attract consumers to buy their products. Halal certification also makes it easier for Muslim consumers to choose a product without any doubts. Based on the Theory of Planned Behavior (TPB), the behavioral control component relates to the extent to which a person can engage in the behavior. According to Ajzen, perceived behavioral control is http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 364 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Vol. 14 (2), Jul-Dec 2022 how much a person controls behavior and how sure they feel they will or will not perform the behavior (Mohamed et al., 2014). This states how confident consumers are with the existence of MUI halal certification. Therefore, the hypothesis in this study is as follows: H0 : There is no significant influence of halal certification on consumer behavior. H1 : There is a significant influence of halal certification on consumer behavior. Halal Awareness Awareness is one of the things that influence consumers to make decisions. Several factors encourage halal awareness, namely religious understanding, knowledge of halal products, and consumer innovation in finding or trying new cosmetic products (Mohezar et al., 2016). There is awareness because consumers think rationally when they are about to act. This is in accordance with the Theory of Planned Behavior (TPB); consumers who have a good attitude will determine behavior. Awareness is knowledge gained through experience or learning so that the information can be a reference in behaving and making decisions according to Islamic law and sharia (Setiawan & Mauluddi, 2019). In addition, based on subjective norms are the assessment of each individual in the form of reactions to environmental influences to do or not to do. If the norms around a person support a person's belief that halal products are good, then the awareness to choose halal products will be higher (Omar et al., 2012). Therefore, the hypothesis in this study is as follows: H0 : There is no significant influence of halal awareness on consumer behavior. H1 : There is a significant influence of halal awareness on consumer behavior. Methods This study uses a causal approach, which examines the causal relationship between variables or more. Causal research explains the effect of changes in a variable's value on another variable's value. The research method used in this research is quantitative research. The population selected in this study were cosmetic consumers in Depok, West Java. To obtain data for each variable, this study used purposive sampling. Therefore, the sample selection for female students was based on several criteria, namely female students studying in Depok, aged between 18- 24 years, and using halal cosmetics (in the form of make-up and/or skincare). In determining to sample, the total population of female students studying in Depok http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 Akfini Farihah Fiddarayni. Gen Z' Halal Cosmetic Purchasing: Merely a Way of Life? 365 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 is unknown, so the sampling uses the formula for unknown populations (Frendy, 2011) as follows: From the results of these calculations, it is known that the required sample size is 96.04. Seeing these results facilitates calculating the data by rounding the samples to 100 people. Figure 1. Research Diagram Source: processed (2022) In this study, the data source used is primary data. Primary data were obtained through questionnaires to respondents who consumed halal cosmetics in Depok for financial literacy, halal certification, and halal awareness. The questionnaire was filled in through an online survey based on a google form. These variables were measured using a Likert scale, namely (1) strongly disagree, (2) disagree, (3) neutral, (4) agree, (5) strongly agree. To test the validity of the questionnaire, a pilot survey was conducted. The pilot survey was used to test the validity and http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 366 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Vol. 14 (2), Jul-Dec 2022 reliability of the data obtained through a questionnaire. The questionnaire was processed using Partial Least Squares Structural Equation Modeling (PLS-SEM) through SmartPLS 3.3.2 software. The use of PLS-SEM in this study is because this study uses a small sample size and data measurement with an ordinal Likert scale. In addition, PLS-SEM is used to test the effect between variables (independent to dependent) (Hair et al., 2014). All questionnaire items have been tested by measuring the loadings factor or outer loading. The first test was tested with 28 indicators, and 10 were declared invalid because the value was less than 0.5. The second test resulted in 18 indicators that have been declared valid because they have a value of more than 0.5. Therefore, all indicators are declared valid because they have met the criteria for an Average Variance Extract (AVE) value of more than 0.5. Based on reliability testing, the results of the second test state that the reliability test on the financial literacy variable is 0.896, the halal certification variable is 0.961, the halal awareness variable is 0.961, and the consumer behavior variable is 0.925. Therefore, all variables are declared reliable because they have Cronbach's alpha and composite reliability values of more than 0.7, with a total of 18 indicators. Results and Discussion The number of respondents is 101 female students who have met the criteria for cosmetics. In the following, some tables explain the demographics or profiles of respondents. Table 1. Respondent Demographic Age Frequency Percentage (%) Purchase Frequently Frequency Percentage (%) 19 years 11 11% Once a month 40 40% 20 years 14 14% Every 2 months 33 33% 21 years 45 45% Every 3 months 4 4% 22 years 28 28% Once a year 5 5% 23 years 2 2% Twice a year 1 1% 24 years 1 1% Every running out 18 18% Total 101 100% Total 101 100% http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 Akfini Farihah Fiddarayni. Gen Z' Halal Cosmetic Purchasing: Merely a Way of Life? 367 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 Monthly Income Frequency Percentage (%) Long Wearing Cosmetics Frequency Percentage (%) < IDR 500.000 40 40% <6 months 3 3% 500.000 - 1.000.000 30 30% 1 year 24 24% 1.000.000 - 2.000.000 15 15% 2 years 17 17% 2.000.000 - 5.000.000 9 9% 3 years 25 25% > IDR 5.000.000 3 3% 4 years 26 26% No response 4 4% >5 years 6 6% Total 101 100% Total 101 100% Income Source Frequency Percentage (%) Personal (work) 22 22% Parents 65 64% Scholarship 10 10% Personal and parents 3 3% Personal, parents, and scholarship 1 1% Total 101 100% Source: processed (2022) Table 1 shows respond of informants aged 21 years have are greater percentage than respondents aged 24 years. In terms of monthly income, the majority of respondents were who have < Rp. 500,000, as much as 40%. Again, the study collected 64% of respondents whose income was received from their parents. This proves that female students with a low monthly income cannot influence the behavior of female students to buy and use the desired cosmetics, and many female students get their main income from their parents. Furthermore, 40% or about 40 respondents buy halal cosmetics once a month, while 26% or 26 respondents see how much they use them. In comparison, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 368 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Vol. 14 (2), Jul-Dec 2022 the period of consuming cosmetics for < 6 months is at least a percentage of 3%. There are as many as three respondents. This shows that the frequency of purchasing once a month affects the behavior of female cosmetics consumers and makes cosmetics one of the monthly necessities. The cosmetic industry has experienced rapid development over the last four years now. Measurement Model Evaluation The measurement model used in this study is reflective. The reflective measurement model was tested by testing four indicators: internal consistency, reliability indicator, AVE, and discriminant analysis (Hair et al., 2014). Figure 2. Path Diagram Source: processed (2022) Based on figure 2, the test data is analyzed by looking at the loading factor value for each indicator. The loading factor value is declared valid if it has a value of more than 0.7. However, several indicators are declared invalid because they have a loading factor value of less than 0.7, such as FL1, HS5, HA6, CB2, CB3, and CB4. These indicators are eliminated from the model. Therefore, the modified http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 Akfini Farihah Fiddarayni. Gen Z' Halal Cosmetic Purchasing: Merely a Way of Life? 369 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 data was processed by eliminating several invalid indicators for further testing. The following is a test table for the reflective measurement model: Table 2. Reflective Measurement Model Latent Variable Indicators Loadings Indicator Reliability Composite Reliability AVE Discriminant Validity Financial Literacy FL2 1.000 1.000 1.000 1.000 Yes Halal Certification HS1 0.848 0.719 0.926 0.758 Yes HS2 0.874 0.764 HS3 0.851 0.724 HS4 0.907 0.823 Halal Awareness HA1 0.896 0.803 0.913 0.678 Yes HA2 0.895 0.801 HA3 0.719 0.517 HA4 0.782 0.612 HA5 0.809 0.654 Consumer Behavior CB1 0.918 0.843 0.878 0.783 Yes CB5 0.851 0.724 Source: processed (2022) Table 2 shows several tests, such as internal consistency, indicator reliability, AVE, and discriminant analysis, that have been conducted. The internal consistency test shows that the loadings factor value determines whether the measuring instrument is valid. All loadings factor values in the table above are declared valid because they have a loading factor value greater than 0.7. The reliability indicator test is done by calculating the squared value of the loadings factor. The test is declared reliable because the reliability and composite reliability indicators have a value greater than 0.7. In the convergent validity test, it can be seen from the AVE (Average Variance Extracted) value that all constructs are declared valid because they have a value greater than 0.5. In the discriminant validity test, it can be seen from the loading factor value, which is greater than the cross-loadings value, and all constructs are declared valid. In addition, the test can be seen from the value of Cronbach's alpha. It is known that the value of Cronbach's alpha for the financial literacy variable is 1,000, the halal certification variable is 0.895, the halal awareness variable is 0.888, and http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 370 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Vol. 14 (2), Jul-Dec 2022 the consumer behavior variable is 0.728. All constructs are declared reliable because they have more value of 0.7. Therefore, all indicators of financial literacy, halal certification, halal awareness, and consumer behavior variables can be maintained, except for indicators FL1, HS5, HA6, CB2, CB3, and CB4. Structural Model Evaluation The structural model is used to determine the relationship between variables and is evaluated by looking at the R Square value for the dependent construct. R Square can be explored to see the impact of the independent latent variable on the latent dependent variable having a substantive impact (Chin, 1998). The value of R Square indicates the level of determination of exogenous variables to endogenous variables. The greater the R Square value, the better the level of determination. Structural model testing is done by knowing the value of the R square for the latent dependent variable. Table 3. R Square R Square R Square Adjusted PK 0.136 0.109 Source: processed (2022) The value of R square is declared good if R square is greater than 0.5. Based on table 4.11, the R square value of 0.136 or 13.6% means the model is not able to explain the phenomenon of consumer behavior which is influenced by exogenous variables (financial literacy, halal certification, and halal awareness). While other factors outside the study explain the remaining 86.4%. In addition, the value of R Square shows that R Square is in the weak category. To measure the accuracy in predicting, you can use an adjusted R square because the R square value has been adjusted and is accurate. Hypothesis Test After knowing the relationship between variables, it can be found research hypotheses. Hypothesis testing is done by looking at the path coefficient value, which shows the parameter coefficient and the t-statistics value. Hypothesis testing is done by looking at the value of t-statistics. It is known that if the value of t count > t table or p-Values < α, then H0 is rejected and H1 is accepted, meaning there is a significant effect between the X variable and Y variable. On the other http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 Akfini Farihah Fiddarayni. Gen Z' Halal Cosmetic Purchasing: Merely a Way of Life? 371 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 hand, if the t count < t table or p-Values > α, then H0 is accepted, and H1 is rejected, meaning that there is no significant effect between variable X and variable Y (Mufarrikoh, 2019). The following table of hypothesis testing: Table 4. Hypothesis Test Total Effect t-Values p-Values Significant Level FL -> CB -0.318 3.339 0.001 ** HS -> CB 0.184 1.062 0.289 NS HA -> CB 0.044 0.250 0.802 NS *p < 0.05. **p < 0.01. | n = 101 Source: processed (2022) Based on table 4 in the first row, the effect of financial literacy on consumer behavior is t count > t table with a value of 3.339 > 1.983 and a p-value of 0.001 <0.05, so H0 is rejected, and H1 is accepted. This means that financial literacy variables have a significant influence on consumer behavior variables. The second row is the effect of halal certification on consumer behavior is a t count < t table with a value of 1.062 < 1.983 and a p-value of 0.289 > 0.05 so that H0 is accepted and H1 is rejected. This means there is no significant effect of the halal certification on consumer behavior variables. In the third row, the influence of halal awareness on consumer behavior is called t count < t table with a value of 0.250 < 1.983 and a p-value of 0.802 > 0.05, so H0 is accepted, and H1 is rejected. This means there is no significant effect of halal awareness on consumer behavior variables. Discussion The quantitative data findings show that one variable has a significant influence, namely the significant influence of financial literacy on consumer behavior. This finding explains that financial literacy has become a consideration for consumers before buying cosmetics and helps female students do financial planning for the future in preparing for unexpected things. Financial literacy is carried out to avoid excessive use of funds and is accompanied by a strong understanding of managing personal finances well to make decisions. One way to manage finances can be done by saving or investing. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 372 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Vol. 14 (2), Jul-Dec 2022 Currently, the majority of the Gen Z can be said to be a generation who is studying in college. They live independently, separated from their parents. They are required by conditions to be able to manage income and spending wisely. In many countries, such as the United States, students are also required to handle debt because their tuition fees are paid with credit. Knowledge and access to information gained in college and life help them manage their finances. Their financial literacy ability determines the success of their financial management. The ability and opportunity for independent financial management is a financial literacy activity that can influence consumption behavior (Johan et al., 2021). In addition to the financial literacy insights gained in college, the financial management abilities of the Gen Z are also contributed from the experience or habits of financial management from the financial culture nurtured in their previous homes (Iramani & Lutfi, 2021). Families with wise financial habits will create the same habits for Gen Z in carrying out consumption behavior when they are college students and live apart from their families. Financial habits in the family can be considered a subjective norm in the theory of planned behavior that influences consumption behavior (Johan et al., 2021) In addition, this condition can also be confirmed by looking at the demographics or profiles of respondents, where 40% of respondents buy cosmetic products regularly once a month. This states that the female student has made a monthly budget, either saving or investing in purchasing cosmetic products every month. This means that no matter how high a student's income is, they still make cosmetics as one of the monthly necessities that cannot be eliminated. Therefore, encouraging students to learn deeply about how to save and invest (mutual funds, stocks, Sukuk, bonds, and gold), either through banks or other platforms that support the development of the digital economy. Another important finding on this significant effect was a negative effect between financial literacy and consuming behavior toward halal cosmetics. It means there was a trade-off between financial literacy and consumption. The finding confirmed that financial literacy would increase the financial planning level. Financial planning means someone will have income and expenditure planning. They will manage their incomes to the appropriate budget (Chavali, 2020). The budget will be allocated based on the priority level, such as the emergency fund, insurance, investment allocation, a sufficient priority daily needs, and the rest was for "self rewards" (Bayinah, 2015). Purchasing the cosmetics may be included in the self rewards if it was beyond cosmetics. For some people, cosmetics could be a part of daily needs if they were common http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 Akfini Farihah Fiddarayni. Gen Z' Halal Cosmetic Purchasing: Merely a Way of Life? 373 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 cosmetics. Then, the trade-off finding might be explained by financial planning as a part of financial literacy. This study is in line with research by Ambo & Sapir (2020), which found high scores for the financial literacy variable in female students in Malaysia. This is because financial literacy highly depends on a person's ability to access relevant information, whether it is managing finances or financial planning. At the same time, look for more in-depth information related to the product to be purchased to avoid large expenses due to buying the wrong product. However, this study is not in line with Purwanto (2019) research, which found that financial literacy negatively affects consumptive behavior. This is due to the lack of student's ability to make monthly spending plans and manage finances, so they make wrong decisions when buying a product without setting a priority scale of needs or desires. In addition, students have not considered making monthly budgets a waste of time and not a priority. The findings showed that two variables had no significant effect. First, there is no significant effect of halal certification on consumer behavior. This insignificant effect occurs because the p-Values value is 0.289 (t-Values 1.062). The use of cosmetics must be based on the halal certification and labelling of the Majelis Ulama Indonesia (MUI) so that these products can be consumed properly and get benefits and blessings for those who consume them. However, some students pay less attention to these indicators and will not hesitate if they find new products with attractive packaging, endorsers, and benefits. However, they do not have halal certification or even include the BPOM logo. This is in line with Sitompul's research (2021) which found that the halal label or halal certification had no significant effect. The study explains that the halal label is not considered an important component for generation Y and generation Z in cosmetic products. However, this halal label or halal certification is only known for consuming halal food and drinks. The findings of this study are not in line with previous research conducted through distributing questionnaires which found that the halal label or halal certification greatly influences consumers to buy and consume halal cosmetics. The existence of halal certification can make it a necessity for Gen Z Muslim women and is supported by producers in Indonesia who contribute to ensuring the halalness of a cosmetic product by having halal certification in selling their cosmetic products (Handriana et al., 2021; Rosida, 2018). Second, there is no significant effect of halal awareness on consumer behavior. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 374 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Vol. 14 (2), Jul-Dec 2022 This insignificant effect occurs because the p-Values value is 0.802 (t-Values 0.250). Someone with halal awareness will implement religious values in all aspects of his life and measure halal awareness by measuring religious understanding and consumer knowledge about halal products. This is because some female students already understand the importance of halal status but lack the awareness to apply it in daily life. This finding is in line with a study conducted by the Ministry of Religion of 840 young Muslim people from five provinces (DKI Jakarta; West Java; Banten; Central Java; and Yogyakarta). This study explains that the Gen Z generation's halal awareness level is still low. They do not know what the criteria for halal products are. Among the contributing factors is the lack of optimal socialization of halal to the millennial (including Gen Z ) generation (Fauziah et al., 2020). This research is in line with Azam (2016) and Yasid et al. (2016) stated that halal awareness in Indonesia and Malaysia applies to halal food and beverages but not halal cosmetics. The community's understanding of halal products for everyday consumption contradicts this. Even though the halalness of a product must be considered from all aspects of life, such as food, fashion, and cosmetics, even aspects of halal travel and sharia finance must also be considered in order to get benefits and blessings for those who consume it. This study is different from that of Handriana et al. (2021) stated that millennial (including Gen Z) Muslim women in Indonesia have realized the importance of halal cosmetic products. The increase in one's faith affects awareness of halal cosmetics. In addition, halal awareness is influenced and supported by confidence in choosing cosmetics before buying, knowledge related to cosmetics, as well as observations made by consumers of each brand with different prices in each store or supermarket. Conclusion This study examines the factors that influence consumer behavior toward halal cosmetics. Gen Z becomes consumers of halal cosmetics studied. The level of financial literacy can significantly influence the actors in using (halal) cosmetics. Still, the halal variables related to halal certification and awareness have not been able to become the dominant factors influencing cosmetic consumption patterns. New products, packaging and the existence of product endorsers are still more of a concern than the existence of a halal product logo. This finding implies that the halal awareness campaign approach to Gen Z http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 Akfini Farihah Fiddarayni. Gen Z' Halal Cosmetic Purchasing: Merely a Way of Life? 375 http://journal.uinjkt.ac.id/index.php/iqtishad DOI: https://doi.org/10.15408/aiq.v14i2.26866 has not had much impact on their consumption decisions. The expansion of halal awareness campaigns in various channels suitable for the Gen Z world must continue to receive serious attention from all stakeholders. The participation of educational institutions in educating students as part of millennials and Gen Z towards halal products is necessary. References Aisyah, M. (2016). Consumer demand on halal cosmetics and personal care products in Indonesia. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 9(1), 125- 142. https://doi.org/10.15408/aiq.v9i1.1867. Ajzen, I. (1985). From Intentions to Actions : A Theory of Planned Behavior. 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