RESEARCH ON THE INFLUENCE OF CULTURAL AND CREATIVE PRODUCT CHARACTERISTICS ON CROWDFUNDING PURCHASE INTENTION

With the rapid integration of the cultural and creative industry and digital finance, crowdfunding has become an important channel for bringing cultural and creative products to the market. However, high product homogeneity and relatively low project success rates continue to constrain the sustainable development of cultural and creative crowdfunding. Drawing on consumer behaviour theory and perceived value theory, this study investigates how cultural and creative product characteristics—namely uniqueness, cultural value, interactivity, and storytelling—influence crowdfunding consumption intention, as well as the moderating role of perceived risk. Data were collected through an online questionnaire survey, yielding 501 valid responses, and analysed using structural equation modelling and hierarchical regression analysis. The results indicate that uniqueness, cultural value, and storytelling have significant positive effects on crowdfunding consumption intention, while the direct effect of interactivity is not statistically significant. Moreover, perceived risk positively moderates the relationships between product characteristics and crowdfunding consumption intention, suggesting that product value signals become more influential under high-risk conditions. This study contributes to the literature by systematically identifying key product characteristics in cultural and creative crowdfunding and by extending perceived risk theory through revealing its positive moderating role. The findings also provide practical implications for cultural and creative enterprises and crowdfunding platforms seeking to enhance project success rates.