Written by, Sandeep Kumar
Updated March, 14, 2023
FOMO affects the general population as a whole. To understand better how it works, let’s look at some FOMO statistics in general:
It’s astonishing how a simple perception of others can affect our mental health. That said, here are some interesting FOMO statistics that you should know:
As much as 69 percent of Millennials experience FOMO.
(Sources: Trustpulse, AppsThatDeliver)
In a nutshell, FOMO can affect people from different age groups. Today, however, millennials are affected the most by it. Following the latest stats, exactly 69 percent of millennials experience FOMO nowadays.
This doesn’t strike us as odd since more than half (50+ percent) of social media users confront this FOMO phenomenon.
Sixty percent of FOMO-affected people make more purchases within 24 hours.
(Sources: Carmine Mastropierro, Eventbrite, NGPF)
FOMO is induced by seeing things that other people have, and you don’t. Therefore, this leads to frequent shopping by those affected by FOMO. As a result, research by Eventbrite revealed that 60 percent of people make more purchases in 24 hours precisely because of the FOMO effect.
Further data also shows that no less than 40 percent of millennials spend more or get stuck in debts — for the sake of keeping up with their friends’ shopping sprees.
Families whose annual income is beyond $75.000 are more prone to confront FOMO.
(Sources: StrategyOnline, AppsThatDeliver, OptinMonster)
Recent statistics show that FOMO can affect different income groups. However, the fear of missing out is generally experienced by people living in households that make $75.000+ annually.
Other than the fact that families making this much money are deeply affected by FOMO, these families are highly likely to post their experiences on social media.
The 18 to 33 age group are those highly influenced by FOMO.
People believe that the fear of missing out is usually found in young teens, but recent reports show us otherwise.
This modern phenomenon is more commonly found in ages between 18 to 33. Additionally, more or less, two-thirds of the people that belong to that specific group age openly admit the influence this fear has on them.
Recent studies revealed that FOMO affects millennials more than any other generation in particular.
So, let’s look at some critical FOMO millennials stats:
More than 50% of millennials, on average, are under the influence of FOMO.
(Sources: TrustMary, BeringerTame)
Several pieces of research point the arrow towards millennials taking the biggest hit of the fear of missing out on things. A higher number of them, or more precisely, 69 percent of millennials, experience FOMO on average. Consequently, this signifies that at least seven out of ten millennials are under the impact of the FOMO phenomenon. Undoubtedly, this is the highest percentage in any age group.
No less than 60 percent of millenials buy something due to the fear of missing out.
(Sources: OptinMonster, FinancesOnline, TrustPulse)
It’s no surprise why millennials are referred to as the FOMO generation — this is primarily because of how severely they are affected from the fear of missing out on anything. The latest general shopping stats showed that millennials solely spend around 600 B every year in the US solely.
Additionally, 2021 research has found that around sixty percent of millennials make an instinctive purchase after they experience FOMO; this usually happens in a time frame of no more than 24 hours.
Furthermore, slightly more than 40 percent of millennials spend on something simply because of the fear of not getting invited once more shortly.
With 50+ percent, travel is the leading category that millennials fear to miss out on.
(Sources: FinancesOnline, StrategyOnline)
Though social platforms are a major FOMO source, still, there are outer activities that can trigger this factor just as efficiently.
For instance, out of all things, these next ones create immense FOMO with millennials:
More than 50% of millennials are prone to spend money on events and other types of live experiences.
(Sources: OptinMonster, AppsThatDeliver, Eventbrite, Entrepreneur)
More than 50% of people fear that they will miss out on some great things, like news, events and other live experiences, if they stay without an internet connection for a more extended period. Consequently, this leads to approximately 27% of people connecting online and checking their social accounts as soon as they wake up.
Furthermore, related surveys point to live experiences and events contributing 56 percent to creating FOMO. According to a survey by Eventbrite, precisely 55 percent of millennials admit spending much more money now than before.
The impact of fear of missing out is seen chiefly in purchases.
Let’s look at some stats showing how FOMO affects businesses:
A 30 percent discount attracts enough people to switch brands.
(Sources: Forbes, ZDNet, AppsThatDeliver)
Forbes report (2019) says that over 60 percent of millennials will turn to brands that offer a 30 percent discount at the very least. This is so because millennials tend to focus on brand discounts and follow closely every change or brand update.
Furthermore, the report states that more or less 30 percent of millennials follow a particular brand only to keep up with its news and trends.
More and more brands are using FOMO marketing to lure people into spending more than needed.
(Sources: CrazyEgg, ZDNet, Forbes, buyAPOWA)
It’s known that people buy more than they need in hopes of impressing other people. Or, they do this because they envy those who have more. All these emotions and perceptions stem from the fear of missing out, which drives people to purchase things in more significant amounts.
Past surveys indicated that the FOMO marketing strategy encouraged around 70% of millennials to spree into purchasing all sorts of products.
It is a crucial marketing strategy that many businesses have adopted because over 90% of consumers trust reviews and word-of-mouth recommendations over an advertisement. This ultimately leads to people spending more than what they actually have. For instance, almost half (48%) of millennials overspend just to keep pace with friends and family.
Expect to mark a minimum of 15 percent increase in conversions when using FOMO tools.
(Sources: OptinMonster, Sujan Patel)
There are many ways for brands to get higher conversions. And the fear of missing out is one of the more significantly used ones. Therefore, some brands turn to social media proof as a conversion booster. Recent studies state that more than 90% of e-shoppers look up reviews of specific products before purchasing them. Consequently, this finding leads to another discovery — a consumer review beats product description twelve times higher.
Sending real-time notifications to potential buyers increases your chances of getting more conversions. Real-time notifications induce the fear of missing out; hence, your conversions can increase by 15% by using this FOMO method.
A customer testimonial is also a major FOMO. For instance, the latest shopping stats show that 70 percent of consumers believe recommendations made by unknown people. At the same time, 92 percent of buyers rely on trusted recommendations.
Social media and FOMO go hand in hand. It is perhaps the most significant cause of fear of missing out. Social media platforms such as Facebook, Twitter, Instagram, etc., significantly affect how people perceive others and themselves.
Here are some FOMO-social media statistics:
A rough 60% of people that use social media experience the fear of missing out.
(Sources: GWI (GlobeWebIndex), AppsThatDeliver, TrustPulse)
Following recent surveys, 56 percent of social media users experience FOMO, a notable figure. However, this figure is primarily the result of excessive social media use.
The fear of missing out on news, updates, trends, or events is so big that 27 percent of users check their social media immediately after waking up. In contrast, others can’t stay away from their social media accounts just because of the thought of missing out on something. For example, around 70 percent of millennials are terrified of missing out on an event if they don’t check social media.
About 60% of consumers buy something just to post it through their social media accounts.
(Sources: FinancesOnline, TrustPulse)
There are many reasons why people under the FOMO influence purchase primarily online. And one of the main reasons for this is the urge to show off, i.e., post whatever they’ve bought, eaten, attended, or traveled to on social media.
Further surveys also point out that 40 percent of online consumers buy something just once a year only for the pleasure of posting it on social media platforms.
Almost 70% of people are worried that they’ll miss out on things if they don’t check their social media accounts.
A large number of people, 69%, to be more specific, worry about missing out on events if they don’t check their social media regularly. What’s more, a pretty high percentage of FOMO-influenced people (45%) can’t stay away from social media for more than twelve straight hours.
Facebook, with 70+ percent, is the biggest FOMO contributor.
(Source: AppsThatDeliver, Mage Plaza)
These social media platforms contribute the most to the FOMO phenomenon:
Since FOMO is a great way to drive sales upward, many businesses have started incorporating it into their marketing strategies.
Let’s look at some critical FOMO marketing stats:
A fantastic 90+ percent would rather buy a certain product after going through some reviews.
(Sources: Power Reviews, FinancesOnline)
A Power Reviews report (2021) based on 6.500+ survey answers revealed that 98 percent of buyers see reviews as an important source when deciding what to buy.
Ninety-two percent of users prefer to look for reviews before purchasing a product. Therefore, a website with product reviews and ratings is more likely to attract more consumers.
Consequently, 41 percent of consumers are willing to purchase from a website with between one and four reviews.
Over 80% of consumers trust more social media content by their friends rather than other advertisement forms.
(Sources: CrowdRiff, ClickZ, enlyft, TrustPulse, Skyword)
UGC statistics suggest that precisely 84 percent of consumers trust social media content by their peers over other more traditional forms of advertisement. It is one of the main reasons companies encourage users to post about their products on social media.
Let’s look at the major industries that use FOMO.
The travel industry causes as much as 59 percent of the fear of missing out.
As weird as it may sound, the food industry also uses FOMO. And it contributes to 29% in inducing fear of missing out.
Live events and parties contribute 50+ percent in causing FOMO. That said, as many as 72% of consumers prefer spending money on events and real-life experiences.
As much as 16 percent of the retail industry uses fear of missing out to help drive sales up.
The fear of missing out is being used widely in various marketing campaigns.
(Sources: TrustPulse, Social Pilot)
There are many ways to use FOMO as part of a marketing campaign.
Let’s look at the top few:
With more than 50%, America is the biggest FOMO user in the world.
FOMO is most widely used by the United States (54 percent) on a worldwide level. Other countries that use this phenomenon are Australia with 9 percent, and the United Kingdom with only six percent.
Over 80% of widely known brands with less than fifty employees are using fear of missing out.
enlyft enlisted data for 1.300+ FOMO using companies, and we found some exciting things from the same. For instance, precisely 85 percent of companies that use the FOMO phenomenon are small, i.e., they have less than fifty employees.
Furthermore, here is a couple of names of the most popular brands that are taking advantage of FOMO:
Facebook is the most significant and most common contributor of fear of missing out when it comes to social media.
That said, Facebook contributes to causing 72 percent of FOMO. This percentage leads to other discoveries like the vast number of millennials that underlie the FOMO phenomenon; therefore, they can’t stay away from their social media accounts for a long time.