The fear of missing out, or FOMO, can greatly impact how people spend their money. A new study examined how FOMO and a strong love for certain brands can lead to compulsive buying. This can cause stress, debt, and anxiety for many consumers, especially younger ones.
The researchers surveyed 511 people. They found that FOMO is a key trigger for compulsive buying. But it also depends on how people feel about the brands they love.
Some people enjoy brands in a balanced, healthy way. This is called “harmonious passion.” Others let brands control them, leading to impulsive buying even if it causes money problems. This is called “obsessive passion.”
Professor Yuksel Ekinci said, “Our study reveals that while the fear of missing out can drive strong connections with brands, it also has the potential to fuel harmful spending habits, especially among younger consumers.
Younger consumers often feel pressure to keep up with trends and experiences they see online.
Social media sites like Instagram and TikTok make this worse. They create a sense of urgency with flash sales, limited-time offers, and perfect customer experiences. For example, many people felt FOMO when getting tickets to Taylor Swift’s and Beyoncé’s 2023 tours.
Viral posts showed off outfits and setlists, making people want to go even more. The study shows that FOMO can have a big effect on mental health, social connections, and money.
FOMO’s impact on spending habits
Almost half of millennials say they have gone into debt to “keep up” with their friends. They do this because they don’t want to feel left out. Professor Ekinci says brands need to think about how they shape consumer behavior.
They should use more ethical approaches that encourage healthy, harmonious passion. Marketers should engage responsibly with consumers driven by FOMO and passion. By promoting harmonious brand passion, companies can help customers enjoy their purchases without stress or debt.
The study suggests some ethical marketing tips:
– Create urgency without pushing customers into unhealthy buying habits. – Be transparent and focus on sustainability. – Promote responsible consumption by emphasizing quality over quantity.
– Build community spaces where consumers can share their experiences with a brand in a balanced way. This research shows the dark side of marketing that uses FOMO. It urges brands to be more accountable.
Encouraging consumers to enjoy their favorite brands in a healthy way could improve their lives. It could also build stronger, long-term loyalty to those brands.
