The effect of fear of missing out (FOMO) on the young customers' purchase decision

Abstract

This study aims to find out the impact of the fear of missing out on the purchasing decision of young people. The study used two main methods: document research and questionnaire survey. The research sample includes 250 students studying at universities in Ho Chi Minh City. The survey took place in 14 days, from November 10 to November 24, 2021. The total number of responses from students was 280. Research results show that the fear of missing out affects the purchasing decision of young people indirectly, through mediating factors related to young consumer psychology. From these results, businesses can understand the consumer psychology of young people, predict purchasing decision, and devise strategies to increase product distribution to consumers. In addition, young consumers will have an objective view of the impact of psychological factors on their own purchasing decision, especially the fear of missing out, thereby adjusting their purchase decision in the direction of their consumption in the right direction.