Fear of missing out (FOMO) as an effect influencing consumer purchase decisions

Baltezarević, Radoslav (2024) Fear of missing out (FOMO) as an effect influencing consumer purchase decisions. In: 3. Bilsel International Aspendos Scientific Researches Congress. Astana publications, Antalya, pp. 617-623. ISBN 978-625-6125-22-3

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Abstract

The feeling that one is either unaware of, or will miss out on information, opportunities, experiences, or events that could improve one's life is known as fear of missing out (FOMO). Our era is not new to the notion that we might be missing out on something enjoyable, but since social media became popular, FOMO has been more widely recognized and researched. The impacts of FOMO may be more severe in adolescents and young adults. Friends and other people's social media posts might cause people to compare themselves to others and develop a strong dread of losing out on what their peers are up to. This phenomenon has the potential to exacerbate peer pressure on youth, who would otherwise not engage in harmful behavior. Young people might act in this way without thinking about the long-term effects. FOMO marketing leverages psychology to appeal to consumers' emotional triggers and reactions, driving them to take immediate action in order to grab a chance. This kind of marketing is based on psychological concepts such as emotional triggers and social comparison. The fear of falling behind or being left out is exploited by this type of marketing. Increased customer engagement, improved brand advocacy and loyalty, and better sales and conversion stand out as the biggest business benefits that inducing these feelings in consumers can provide. The employment of such practices on customers, however, raises ethical and dishonesty concerns, because the companies themselves may be seen as violent and unreliable, which might be a major reputational risk.

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