Fomo
Contents Page
Introduction…………………………………………………………………………………………………………….. 2
Consumer Behaviour……………………………………………………………………………………………….. 2
What is a Trend?............................................................................................................. 2 - 3
Trending: # FOMO…………………………………………………………………………………………………….. 4
The Origin of FOMO………………………………………………………………………………………………….. 5
FOMO Behavioural Displays………………………………………………………………………………………. 6
Who’s Afraid of Missing Out?........................................................................................... 7
The Power FOMO has on Marketers…………………………………………………………………………… 8
Opportunities FOMO Holds For Marketers………………………………………………………………... 8 - 11
Implications FOMO Presents to Marketers………………………………………………………………… 12
Conclusion…………………………………………………………………………………………………………………. 13
1
Introduction
In this assignment I have conducted secondary research using various internet sites and text books, to define consumer behaviour and what a trend is; as well as to focus on a current South African (and global) trend in consumer behaviour i.e FOMO – the Fear Of Missing Out. This trend of FOMO is clearly defined, including its origin, what it consists of, the key behavioural displays of this trend, which consumers induce this trend the most, as well as the implications and opportunities this trend holds for marketers.
Consumer Behaviour
Brijball Parumasur & Robert-Lombard (2012: 2) state that: “The study of customer behaviour focuses on how individuals, groups and organisations select, buy, use and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.” The behaviour of consumers has a vast influence on the operation and running of businesses globally; and in most cases, directly impacts their probability of long-term survival (Brijball Parumasur & Robert-Lombard, 2012: 2). It is therefore vital for businesses to seek understanding of consumer behaviour; particularly
Introduction…………………………………………………………………………………………………………….. 2
Consumer Behaviour……………………………………………………………………………………………….. 2
What is a Trend?............................................................................................................. 2 - 3
Trending: # FOMO…………………………………………………………………………………………………….. 4
The Origin of FOMO………………………………………………………………………………………………….. 5
FOMO Behavioural Displays………………………………………………………………………………………. 6
Who’s Afraid of Missing Out?........................................................................................... 7
The Power FOMO has on Marketers…………………………………………………………………………… 8
Opportunities FOMO Holds For Marketers………………………………………………………………... 8 - 11
Implications FOMO Presents to Marketers………………………………………………………………… 12
Conclusion…………………………………………………………………………………………………………………. 13
1
Introduction
In this assignment I have conducted secondary research using various internet sites and text books, to define consumer behaviour and what a trend is; as well as to focus on a current South African (and global) trend in consumer behaviour i.e FOMO – the Fear Of Missing Out. This trend of FOMO is clearly defined, including its origin, what it consists of, the key behavioural displays of this trend, which consumers induce this trend the most, as well as the implications and opportunities this trend holds for marketers.
Consumer Behaviour
Brijball Parumasur & Robert-Lombard (2012: 2) state that: “The study of customer behaviour focuses on how individuals, groups and organisations select, buy, use and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.” The behaviour of consumers has a vast influence on the operation and running of businesses globally; and in most cases, directly impacts their probability of long-term survival (Brijball Parumasur & Robert-Lombard, 2012: 2). It is therefore vital for businesses to seek understanding of consumer behaviour; particularly