Effect of Social Influence and Hedonic Motivation on Customer Loyalty to Cryptocurrency in South-East, Nigeria

Abstract

This study examined the effect of social influence and hedonic motivation on customer loyalty to cryptocurrency in South-East Nigeria. The increasing adoption of cryptocurrency in Nigeria has attracted considerable attention; however, sustaining users’ loyalty remains a major challenge due to market volatility, security concerns, and the availability of alternative digital platforms. The study adopted a survey research design, and data were collected from 384 cryptocurrency users selected through a convenience sampling technique in South-East Nigeria, comprising Abia, Anambra, Ebonyi, Enugu, and Imo States. A structured questionnaire was used as the instrument for data collection, while the data obtained were analyzed using descriptive statistics and multiple regression analysis. The findings of the study revealed that social influence has a significant and strong positive effect on customer loyalty to cryptocurrency in South-East Nigeria. This indicates that individuals are more likely to remain loyal to cryptocurrency platforms when their decisions are influenced by peers, friends, family members, and online communities. In addition, hedonic motivation was found to have a significant and strong positive effect on customer loyalty, implying that the enjoyment, excitement, and pleasure derived from using cryptocurrency platforms enhance users’ continued engagement and loyalty. The study concludes that both social influence and hedonic motivation are key determinants of customer loyalty to cryptocurrency in the study area. Based on the findings, the study recommends that cryptocurrency service providers should strengthen social engagement strategies, enhance community participation, and improve user experience through interactive and enjoyable platform features. These measures will help to sustain customer loyalty and promote long-term adoption of cryptocurrency in South-East Nigeria.