A relatively newly-named phenomenon, Fear Of Missing Out (FOMO), has become a powerful communications insight. Citizen’s FOMO Report, shows it has a wide reaching impact for marketers across generations, by gender, singles vs. families and household income. While the premise of FOMO may be similar to “Keeping up with the Joneses”, social networks have created drastically different forces and outcomes, giving FOMO a much more influential affect.
Citizen’s FOMO Report provides details across a number of demographics but also identifies some key insights for communicating with FOMO in mind.
Largely because of FOMO, The Millennial generation is living larger than any generation of the past. The combination of real time access to other people’s experiences and a desire to not be left behind, Millennials are cramming more into their lives. Events, trips and parties are by far the leading drivers of FOMO with the 18-30 group (56%), and this generation are most likely to make a reactive purchase due to FOMO (68%). If anyone could be in two places at once, this generation would find a way to make it happen and would gladly pay to do it.
Interestingly, FOMO seems to have caused Millennials to adopt a new meaning for jealousy and envy. FMOM today has created a social license to admit and profess their jealousy and envy of what their friends/social network are experiencing.
It’s no secret that parents are more time starved than singles, but the FOMO report, we discovered they are using their FOMO to inspire and crowd source their decision making. Looking at like-minded and similar families from their network, parents today and getting their research through FOMO – by seeing an experience or a product that serves another family well, gives them the endorsement and makes it easy to sign up for the same thing. Canadians with kids were the most likely to cite both consideration and purchase intent due to their FOMO, and they also expressed the most positive emotions. The insight that sharing the experience (not the advanced planning of the purchase/experience) can cause other families in their network to act, could be one of the single most powerful influences to marketers today.
While it seems counter-intuitive, the more you can afford, the more you experience FOMO. The higher income levels (HHI of $75-100K, $100-150K and $150K+) all experience more FOMO and experience more positive emotions because of it. While they also experience FOMO due to social recognition and interaction, this group makes higher reactive purchases and are willing to share a post with the intent to create FOMO (26%).