The moderating influence of economic development on the effects of ESG, customer attitude and equity in banking: a comparative study of belt and road markets

Purpose This study investigates the underexplored role of economic development in shaping customer interactions with environmental, social and governance (ESG) initiatives within banking services, using the consumer decision-making model. Design/methodology/approach This study compares customer attitudes, behaviors and equity related to ESG initiatives across belt and road markets: Hong Kong, Turkey and Africa (Kenya). Data from 817 participants (300 from Hong Kong, 245 from Turkey and 272 from Kenya) were analyzed using structural equation modeling. Findings The results show that ESG factors significantly influence customer attitudes and equity in full dataset in Turkey and Africa, while in Hong Kong, only governance factors matter. Customer attitude and equity in turn influence purchase intention in all regions. Crucially, the influence of ESG on customer perception is moderated by the level of economic development. Environmental concerns have a stronger impact in Africa and Turkey, with similar consumer responses in both countries. Governance initiatives have a stronger influence in Hong Kong. Customer attitude drives customer equity more strongly in Turkey and Africa. Practical implications These insights highlight the importance of considering economic development in ESG marketing strategies, helping marketers tailor their campaigns and enabling policymakers to develop effective ESG guidelines in diverse economic contexts across belt and road markets. This provides a better understanding of how economic development shapes ESG–consumer dynamics in banking. Originality/value The existing literature primarily focuses on how ESG factors influence firm value and overall economic progress. This is the first academic work that thoroughly explores how economic development influences the interaction between ESG and customers and is the first comprehensive cross-country on ESG-consumer interactions.