Social media sure has helped us stay up to date with what’s going on in the world around us. However, posts from brands, influencers, and even your own connections, can also fuel FOMO or the fear of missing out. That said, FOMO is not entirely bad, particularly if you use social media management tools to increase leads and conversions.
As with other emerging trends in social media, you can also leverage FOMO for marketing in a number of ways, such as using ephemeral content. However, before you launch a campaign that capitalizes on this trend, it’s wise to equip yourself with facts first. These FOMO statistics discussing its effects and usage among businesses will help you understand the phenomenon better and aid your strategy moving forward.
FOMO Statistics Table of Contents
FOMO in the Age of Social Media
The term, ‘fear of missing out’ or FOMO only became commonplace in recent years but it has always been a part of people’s lives. The sadness one may feel when he or she can’t go out with friends to a birthday party is a basic example of FOMO. However, social media has proven to be a double-edged sword that creates FOMO. As such, looking at the way FOMO plays out in social media and vice-versa is inevitable if you wish to understand the phenomenon better.
- Among social media networks, Facebook contributes to people’s FOMO the most (72%). It is followed by Instagram (14%), Twitter (11%), and Pinterest (8%). (OptinMonster, 2021)
- What are the causes of FOMO? According to FOMO research, 56% of people are afraid of missing out on events, news, and other important status updates if they are away from social networks. (OptinMonster, 2021)
- Meanwhile, 69% believe they miss important events if they don’t check Facebook and other social networks, and those events are necessary for strengthening their connections. (FortuneLords, 2021)
- As a result, around 51% of people visit or log onto social media more frequently than they did two years ago. (OptinMonster, 2021)
- Moreover, at least 27% of people check their social media accounts as they wake up. (OptinMonster, 2021)
- Furthermore, 45% of users who experience FOMO can’t wait longer than 12 hours to check their social media accounts. (TrustPulse, 2019)
- Additionally, 20% of users can’t go for more than an hour without visiting social media networks. (TrustPulse, 2019)
- In general, the posts and events that create FOMO among millennials the most are travel (59%), events and parties (56%), and food (29%). (OptinMonster, 2021)
Source: OptinMonster
Who Feels FOMO?
As the number of social media users increases, so does the number of people who feel FOMO. Regardless of age, household income, and gender, people experience this feeling. What is more, in some cases, people who feel FOMO tend to make their connections feel the same. Here are some striking FOMO statistics that show its extent among online users.
- Around 56% of all social media users experience FOMO. (TrustPulse, 2019)
- At least 14% of people are anxious about being out of the loop at work or home. (TrustPulse, 2019)
- While FOMO impacts people of all ages, nearly 69% or 7 out of 10 millennials (23 to 38-year-olds) experience FOMO, the most in any age group. (OptinMonster, 2021)
- Furthermore, millennials are most likely to purposely try to create FOMO among their connections. Around 33% of millennial social media users reported that they have done so, compared to only 12% of users in other age groups. (OptinMonster, 2021)
- In relation to this, around 60% of millennials share their life experiences on social media. (TrustPulse, 2019)
- Meanwhile, online users with household incomes of over $75,000 per year were most likely to experience FOMO. Additionally, they are also the most likely to share experiences on social media with the intention to elicit FOMO in others. (OptinMonster, 2021)
- However, teens or adolescents are not invulnerable. A FOMO research showed that 55% of subjects aged 15 to 18 also experience FOMO. (Anwar, Z. et.al., 2019)
- Furthermore, more male teens (26.1%) experience FOMO than females (24.96%). (Anwar, Z. et.al., 2019)
- Interestingly, more female teens report experiencing a high level of FOMO (51.28%) than males (39.75%). (Anwar, Z. et.al., 2019)
Effects of FOMO Statistics
Because of social media, FOMO has become increasingly widespread among people. The effects of FOMO transcend beyond mental and social health—it has also affected the way people make buying and spending decisions, as evidenced by the statistics below.
FOMO’s Effects on Mental and Social Health
- In general, most of the emotions experienced alongside FOMO seem negative: 39% reported feeling envious, 30% felt jealous, while 21% felt sad or disappointed. (OptinMonster, 2021)
- Furthermore, 36% of people are afraid to feel like an outsider. (TrustPulse, 2019)
- Sadly, 26% of social media users who report experiencing FOMO fear losing friends and 23% worry about being judged. (TrustPulse, 2019)
- While it seems that FOMO is associated with negative effects, a study revealed that FOMO can also bring about positive effects when acted upon with mediation techniques such as engaging in social media to enhance social connection. (Roberts & David, 2019)
- Moreover, 29% of people report feeling happiness alongside FOMO. (OptinMonster, 2021)
What Does FOMO Make People Feel?
Source: OptinMonster
Designed byHow FOMO Affects Purchasing and Spending Decisions
- Around 60% of millennial consumers report making a reactive purchase after they experienced FOMO, often within 24 hours. (OptinMonster, 2021)
- Meanwhile, 41% of millennials perform quick mobile transactions due to FOMO. (FortuneLords, 2021)
- Furthermore, 78% or 3 out of every 4 millennials prefer to spend money on experiences over material things. (TrustPulse, 2019)
- About 55% of them spend more money on live events, such as concerts. (TrustPulse, 2019)
- Moreover, a FOMO study revealed that nearly half of millennials who attend live events do so to have something to share online. (OptinMonster, 2021)
- Additionally, 69% stated that attending such events helps strengthen their connections with other people. (TrustPulse, 2019)
- Interestingly, 40% of people report spending money on something at least once a year with the intent to post about it on social media. (TrustPulse, 2019)
- Moreover, 41% of people spend because they worry about not being invited again in the future. (TrustPulse, 2019)
- Unfortunately, 40% of millennials overspend and worse, go into debt just to keep up with their friends. (OptinMonster, 2021)
- In line with this, 48% of millennials have spent money they didn’t have to keep up with their friends. (FortuneLords, 2021)
FOMO in Marketing
A huge part of trends in marketing is understanding how people behave and react to certain stimuli and emotions. FOMO is among the emotions that marketers can leverage. However, you need to make sure that you do FOMO marketing in an ethical manner. Let these FOMO statistics guide your strategy.
The Power of Customer Reviews
- Product reviews are powerful tools for creating beneficial FOMO. They are 12 times more trusted than product descriptions and sales copy. (OptinMonster, 2021)
- As a result, 63% of consumers say that they like buying from a website with product reviews and ratings. (FortuneLords, 2021)
- Moreover, studies show that 92% of online buyers look at a product review before they make a purchase. (OptinMonster, 2021)
- Additionally, customers can spend as much as 31% more on a business with great reviews. (OptinMonster, 2021)
- Furthermore, positive reviews encourage 68% of consumers to use a local business. (OptinMonster, 2021)
- In general, 87% of consumers report that reviews influence the way they discover local businesses, with 21% of them saying reviews play a big role in the process. (Podium, 2020)
- Consequently, 41% of consumers might buy a product with one to four reviews. (OptinMonster, 2021)
Source: Podium, 2020
Making the Most of User-Generated Content
- Similar to online reviews, user-generated content (UGC) can also elicit a good kind of FOMO for marketing. Interestingly, 30% of the 18 hours millennials spend in a day consuming media are spent looking at UGC. (OptinMonster, 2021)
- Unsurprisingly, 85% of consumers think that visual UGC is more influential than brand-created content. (OptinMonster, 2021)
- Moreover, 48% of customers say that UGC is a great way to discover new products. (OptinMonster, 2021)
- More importantly, 84% of millennials state that UGC has some influence on their buying decisions. (OptinMonster, 2021)
- Furthermore, over 60% of consumers seek out UGC before making a purchase. (Annex Cloud, n.d.)
- As a result, companies that incorporated UGC into their websites can enjoy an 18% increase in revenue. (Annex Cloud, n.d.)
What do these FOMO statistics mean for you?
The fear of missing out is very real, as evidenced by these FOMO statistics. With social media as the number one driver of FOMO, it is inevitable that digital and social media marketers recognize the opportunity it presents. Needless to say, you should fear missing out on the chance to leverage it for marketing your own brand.
Now, what can you deduce from the facts and data above? For one, it becomes clear why creating experiences is touted as one of today’s emerging trends in digital marketing, paving the way for experiential marketing. Moreover, there are ways to take advantage of FOMO without having to make your customers and audience feel jealous or envious of their peers. One such way is to highlight customer reviews and encourage previous customers to leave reviews. Another would be capitalizing on user-generated content by sharing customers’ posts and if possible, venturing on influencer marketing.
Key Insights
- FOMO and Social Media: Facebook is the leading social media platform contributing to FOMO, with 72% of people experiencing it through Facebook, followed by Instagram (14%), Twitter (11%), and Pinterest (8%).
- Prevalence of FOMO: 56% of social media users experience FOMO, with 69% of people feeling they miss important events if they don’t check social networks.
- FOMO Demographics: Millennials are the age group most affected by FOMO, with 69% experiencing it. They are also the most likely to create FOMO among their peers.
- Mental and Social Health: FOMO can lead to negative emotions such as envy (39%), jealousy (30%), and sadness (21%). However, it can also have positive effects when mediated properly.
- Purchasing Decisions: 60% of millennials make reactive purchases due to FOMO, often within 24 hours. Many prefer spending on experiences rather than material items.
- Marketing Strategies: Leveraging customer reviews and user-generated content (UGC) can effectively create beneficial FOMO. Reviews are 12 times more trusted than product descriptions, and UGC influences 84% of millennials’ buying decisions.
FAQ
- What is FOMO and how does it relate to social media? FOMO, or the fear of missing out, is the anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media. Social media platforms like Facebook and Instagram significantly contribute to FOMO by constantly updating users with friends’ activities, events, and news.
- Who is most affected by FOMO? Millennials, or individuals aged 23 to 38, are the most affected by FOMO. About 69% of millennials experience FOMO, making them the most susceptible age group. Additionally, people with higher household incomes and teens aged 15 to 18 also experience significant levels of FOMO.
- How does FOMO impact mental and social health? FOMO often leads to negative emotions such as envy, jealousy, and sadness. It can also cause anxiety about being left out or judged by others. Despite these negative effects, FOMO can have positive outcomes when individuals use social media to enhance social connections.
- In what ways does FOMO influence purchasing behavior? FOMO drives many individuals, especially millennials, to make quick purchasing decisions, often within 24 hours of experiencing it. This behavior includes spending on live events and experiences to share online, sometimes leading to overspending or debt to keep up with peers.
- How can marketers leverage FOMO ethically? Marketers can ethically leverage FOMO by highlighting customer reviews and encouraging user-generated content. Reviews are highly trusted by consumers and can significantly influence buying decisions. User-generated content, which is more influential than brand-created content, can also help discover new products and drive revenue.
References:
- Annex Cloud. (n.d.). The New Wave of User Generated Content Marketing. Retrieved from Annex Cloud
- Anwar, Z., Fury, E., & Fauziah, S. (2020, January). The Fear of Missing Out and Usage Intensity of Social Media. Retrieved from ResearchGate
- FortuneLords. (2021, January 16). FOMO Statistics You Need to Know for Your Business in 2021. Retrieved from FortuneLords
- FortuneLords. (2021, January 16). Social Proof Statistics: Powerful Facts That Will Help You. Retrieved from FortuneLords
- Hott, A. (2021, January 6). 25+ Powerful FOMO Statistics to Skyrocket Sales (2021). Retrieved from OptinMonster
- Ouellette, C. (2019, October 23). FOMO Statistics You Need to Grow Your Business. Retrieved from TrustPulse
- Podium. (2020). 2020 State of Reviews. Retrieved from Podium
- Roberts, J. & David, M. (2019, July). The Social Media Party: Fear of Missing Out (FoMO), Social Media Intensity, Connection, and Well-Being. Retrieved from ResearchGate
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