FOMO is probably as old as having neighbours and has an impact on us all to some extent. We may not even realise it.
Still, whether we realise it or not it can translate into some very expensive shopping habits.
A recent survey by Allianz Life found that 55% of millennials have experienced FOMO, and 57% say they spent money they hadn’t planned to because of what they saw on social media.
FOMO is not exclusive to millennials however and the phenomenon spans all generations, genders, relationship statuses, and income levels.
According to an article by Kerry Taylor on the topic, the e-commerce consultancy group RichRelevance found that Pinterest users spend on average R2,500 per converted order.
These users saw something they liked, decided they needed it and then spent money to get…whatever it was. A classic example of media impacting on spending. A win for the advertisers and marketing people.
If you’re checking your social feeds anywhere near the global average of 135 minutes per day, chances are you’re dropping some serious bucks based on what you are seeing on social media.
