A Study on Bandwagon Consumption Behavior Based on Fear of Missing Out and Product Characteristics

Abstract

There have been unusual collective consumption phenomena that consumer behavior conforms to as part of the pursuit of specific brands (e.g., teenagers wearing the same brand jacket). In order to explain bandwagon consumption behavior, previous studies focused on brand, personal traits, and group characteristics. However, previous studies seem somewhat limited in explaining excessive bandwagon consumption. This study addresses a psychological trait, the Fear of Missing out (FoMO), which describes why people want to belong to a main group. Along with FoMO, product characteristics influence bandwagon consumption behavior because consumers may show different behaviors for different product categories. Hence, this study combines FoMO levels (high/low) and product category (luxury/necessity) to explain bandwagon consumption behavior. The results reveal that the combination of high FoMO and luxury shows the strongest bandwagon consumption behavior. The next strongest combination is low FoMO and necessity, followed by high FoMO and necessity, and low FoMO and luxury. Based on these findings, this study might present implications for understanding excessive bandwagon consumption based on psychological traits and product characteristics, which makes it possible for marketers to provide customizing products and services as well as advertising messages for young consumers groups who experience high levels of FoMO when establishing their marketing strategies.