Fomsumerism: A Theoretical Framework

Abstract

A new mode of social media-based phenomenon regarding relationship between fomo and consumption, namely fomsumerism, points out a new paradigm or point of view in terms of marketing. This article is a pioneering theoretical work as an approach from the perspective of combination of fomo and consumption. The aim of this article was to conceptualize the fomsumerism in terms of consumer behavior and to discuss this phenomenon, concept or theory. This study provides needed clarity for scholars approaching this topic. Consumption regarding fomo, fomsumerism, is depend on a sense of social media sharing and it is important to individual and social identity through shared product, service and experiences. In conclusion, this theoretical framework suggests it may be important to reveal the notion that fomsumerism in general represents the hidden patterns of consumption behavior of social media in today's world. This paper contributes to marketing theory by developing a conceptual approach that explains and offers implications pertaining to the relationship between fomo and consumption in the age of social media.

Investigating ‘Fear of Missing Out’ (FOMO) as an extrinsic motive affecting sport event consumer’s behavioral intention and FOMO-driven consumption’s influence on intrinsic rewards, extrinsic rewards, and consumer satisfaction

“…As a motive stemming from concerns about incompetence and lack of relatedness caused by missing out on popular and/or satisfying experiences [ 6 , 14 , 19 ], FOMO was verified as a meaningful factor in the intention formation for sport event consumption. The motive can be effective and unique for being based on risk avoidance, encompassing other key motives, imposing external coercion, and facilitating the lifting of constraints [ 15 , 17 ].…”

“…Testing the moderation of FOMO in the link from constraints to behavioral intention can advance our knowledge of FOMO and the mechanism of extrinsic motive stimulating intention. Second, the extrinsic coercion of FOMO drives one to pursue extrinsic (or instrumental) rewards such as risk avoidance and social status in the consumption experience [ 2 , 6 , 19 ] rather than, and possibly with the hindrance of, the intrinsic reward of pure enjoyment (based on the cognitive evaluation theory within SDT) [ 13 ]. The pursuit of extrinsic rewards shapes sport consumer’s objectives, expectations, reward attainment, and thus satisfaction in ways distinctive from the pursuit of intrinsic rewards.…”

“…FOMO has been researched in contexts such as social media and internet usage [ 2 , 14 , 16 , 23 ] as well as purchasing behavior [ 6 , 17 ]. In business studies, FOMO-driven marketing has been investigated as a stimulant for consumption in pursuit of acquiring status, self-branding, instant gratification, social rewards, and conformity [ 6 , 19 ]. FOMO has been approached as a state as well as a trait [ 24 ] for being driven by external stimulation and/or internalized self-regulation to conform with social others (based on the Organismic Integration Theory in SDT) [ 13 ].…”

“…In sport management, FOMO-relevant motives such as social affiliation and knowledge acquisition are known to be predictors of sport consumption [ 7 , 20 , 27 ], insinuating that such extrinsic rewards can be expected from the consumption. Whereas FOMO-driven behavior mainly leads to extrinsic rewards such as approval and group integration, Argan and Argan noted that intrinsic rewards can also be gained via instant need gratification [ 19 ]. Social-pressure-driven behavior was found to draw enjoyment by fostering impressions of competence and relatedness [ 34 ].…”

Going Global or Going Local? Why Travelers Choose Franchise and Independent Accommodations

“…Social media sites are increasingly recognized as playing a significant role in travel-related behavior (Siegel and Wang 2019; Marder et al 2019) because of their nonanonymous nature, which provides tourists with “an ideal setting for impression management” and the ability to use their vacations as a means for building up their ideal self (Mehdizadeh 2010, p. 357). The conspicuous consumption and sharing of these tourism experience on social media can be traced to the concept of fear of missing out (FOMO) and Fonsumerism, which is consumption behavior derived from the FOMO (Argan and Tokay-Argan 2018). These factors, as well as tourists’ continued quest for authenticity through consuming memorable experiences, expand prospect theory’s risk and reward calculation because the experiential and symbolic rewards of staying at independent accommodations may now outweigh the potential risks of poor service quality (Ye 2017).…”