What drives some individuals to go to such lengths? Wan Nurisma Ayu Wan Ismail, a deputy dean at Universiti Utara Malaysia, believes this behaviour is influenced by “fear of missing out” (FOMO).
The phenomenon, she explained, is linked to an individual’s anxiety over missing out on trends, largely thanks to the influence of social media. Companies leverage online platforms to create an aura of exclusivity and a “special” status surrounding their products, which generates excitement and increases consumer desire.
“In marketing, FOMO is used to create a sense of urgency among consumers, prompting them to act quickly so they don’t miss out on owning a product or keeping up with the latest trends,” she said.
Strategies commonly used in promotional campaigns include limited-time offers – “only 24 hours left!” – and low-stock alerts like “only three units remaining!”, Wan Nurisma told Bernama recently.
The expert in marketing, cross-cultural studies and consumer behaviour explained that these techniques are further reinforced by influencers who promote products to their followers.
“Experiences shared by influencers make the product feel exclusive, encouraging their followers to buy immediately out of fear it will sell out. The use of limited-time discount codes also accelerates purchasing decisions,” she added.
In many cases, businesses leverage marketing strategies that emphasise the “desirability effect”, which fuels consumers’ urge to own a product, sometimes to the extent of disregarding price and quality.
Such strategies, she noted, do not violate marketing ethics as long as the information and promotions provided by sellers are accurate and genuine, do not exert undue psychological pressure, and do not excessively exploit or trigger emotions and anxieties.
Meanwhile, Mohamad Fazli Sabri, a dean at Universiti Putra Malaysia, said FOMO also has financial consequences owing to impulsive purchases that can result in serious debt problems.
“FOMO can drive reckless spending, potentially leading to long-term financial strain, even bankruptcy. Statistics from the insolvency department show that 52.5% of bankrupt individuals are of the younger generation, with uncontrolled spending being one of the contributing factors.”
He said this is compounded by payment options such as Buy Now, Pay Later. “People should plan their purchases wisely: save money first and buy only when financially capable, rather than relying on debt or emotional spending,” added the expert in consumer finance.
He also noted that this culture impacts mental health, particularly among those who cannot afford trendy items, leading to feelings of low self-worth, stress, and social anxiety from being “left out” of their peer groups simply for not owning something “popular”.
Mohamad Fazli thus advises social media users to focus on something more positive, such as using the success of others as motivation for self-improvement, rather than competing to own material goods for social media glory.