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E1c The Association of Fear of Missing Out, Social Media Use, and Credit Card Debt
Key Words
fear of missing out, credit cards, impulse buying, social media
Short Description
Spending behaviors exhibited during the COVID-19 pandemic have researchers questioning whether consumer behavior has changed. During COVID, society as a whole used social media more than ever before. A survey reported that overall social media consumption increased seven-fold in recent months and suggested that social media use is closely linked to online shopping, including impulsive online shopping. The stress and anxiety associated with COVID-19 has been shown to increase a consumer’s propensity to impulse buy and, during COVID-19, trends showed a sharp increase in spending via credit cards. A framework to explain this effect is related to a personality trait, called "fear of missing out." While the typical contexts for studying the fear of missing out in past research have focused specifically on missing out on important social experiences, fear of missing out has adapted to COVID-19 and reports document that people felt like they were missing out in many more aspects of everyday life. Recent research also points to the unknowns brought on by COVID-19 as reasons for social media use, in order to cope with their fear of missing out.