What is FOMO?

FOMO, as the title describes, is the fear of missing out. When we anticipate an event or experience we will miss out on and it gives us anxiety is what FOMO is. In today’s fast-paced, social media-driven world, the Fear of Missing Out (FOMO) has become an all-too-common feeling, especially among younger generations. The fear of missing out on exciting opportunities and social experiences can lead to more than just emotional distress. It can fuel compulsive buying behaviour (CBB). A recent study published in the Journal of Retailing and Consumer Services explores this link between FOMO and CBB, while highlighting how mindfulness can help mitigate the negative effects of FOMO.

Understanding FOMO and Its Consequences

FOMO refers to the anxiety that arises when we feel left out of events, experiences, or opportunities that others are enjoying. This feeling is often heightened by social media, where individuals are constantly exposed to the lives of others. According to the study, FOMO is directly linked to depression, social anxiety, and a materialistic mindset. These psychological factors can lead to compulsive shopping behaviour as individuals attempt to alleviate their anxiety by buying products that they believe will make them feel more connected or socially validated.

Compulsive Buying Behaviour: A Psychological Response

Compulsive buying, also known as compulsive buying disorder (CBD), is an impulsive and uncontrollable urge to make purchases, often driven by emotional factors like stress or insecurity. Found worldwide, the disorder has a lifetime prevalence of 5.8% in the US general population. People having CBD report a preoccupation with shopping, pre purchase tension or anxiety, and a sense of relief following the purchase. CBD is not just a trend that can be avoided or fade out eventually, it is associated with significant psychiatric comorbidity, particularly mood and anxiety disorders, substance use disorders, eating disorders, and other disorders of impulse control. 

The prevalence rates in CBD may be increasing due to the rapid growth of the e-commerce market, as online shopping allows easy accessibility and convenience all year round. Adding to this is the social media effect, which either drives the person to look at their world with a lack of material goods or influences them to purchase more with intriguing advertisements, instead of need based consumption. 

The main characteristic of compulsive buying is the fact that items bought are typically not used. Compulsive buyers experience craving at the moment of the purchase and are regularly disappointed by items they buy. This form of addiction also consists of a disturbed relationship with money, goods, and property. This disorder is often under-recognized and treatments often begin too late after the onset of severe financial consequences. 

The Role of Mindfulness

Interestingly, the study shows that mindfulness, the practice of being fully present and aware of the current moment without judgement can reduce the impact of FOMO on compulsive buying. Mindfulness is a change created within. When an individual accepts the issue of – over thinking, over analyzing and staying too much in their thoughts and not the present; this is the first step towards practicing mindfulness.

Once the acknowledgement of the issue is there, we can now move on to healing it. It starts with bringing ourselves back each moment to be fully in the present while reacting and making choices, which often spur from our heavy emotions, instead taking a moment and responding to the situation with the acquired wisdom and being neutral or calm in our approach and doing so with no biases or prejudices.

Mindfulness fosters greater emotional regulation, helping individuals manage negative emotions, such as anxiety and social comparison, in healthier ways. When mindful, people are less likely to make impulsive purchases as a way to cope with negative feelings, leading to more conscious and responsible consumption.

Key Takeaways

1. FOMO can lead to compulsive buying behaviour through its connection with anxiety, depression, and materialism.
2. Mindfulness serves as a buffer, reducing the negative effects of FOMO and promoting healthier emotional responses.
3. Incorporating mindfulness practices into daily life can help individuals make more conscious purchasing decisions and reduce impulsive behaviour.

By understanding the psychology behind FOMO and how mindfulness can help, we can take steps toward more sustainable consumption habits and a healthier mental state.