36% spend money they don’t have on fomo This is the sixth of 20 daily THOUGHTS examining emotions in marketing.This phenomenon is so common, there is an acronym for it – FOMO – fear of missing out. While it is completely irrational, the fear of missing out is incredibly common and it is a significant […]

36% spend money they don’t have on fomo This is the sixth of 20 daily THOUGHTS examining emotions in marketing.This phenomenon is so common, there is an acronym for it – FOMO – fear of missing out. While it is completely irrational, the fear of missing out is incredibly common and it is a significant emotional driver of consumer behaviour. It seems that most consumers are frightened of missing out and many will spend money they don’t have, or buy at a time they should not, due to the irrational FOMO. Various research completed in 2018 found that: 36% of consumers spend cash they don’t have due to FOMO 40% of millennials have gone into debt due to FOMO 21% of consumers will spend more money due to FOMO This research suggests that fear of missing out can cause consumers to spend, even when they don’t have the money, and…