Consumer Goods

Missing Out on Experiences: Understanding Reactions Globally

  • CAN376405
  • 18 Pages
  • February 2015
  • Consumer Goods
Summary
It is often said that there is a widespread "fear of missing out" in society. While this may be true, there are several nuances to how consumers respond. Some are very emotive, while others are indifferent. Each response requires a subtle difference in how products should be positioned and marketed. This brief takes a look at possible strategies.


Synopsis
- Understand how consumers respond to missing out - are they angry, indifferent, jealous, lonely, regretful, or sad?

- Discover how responses vary by geography, age, and gender, as well as how living in a major city influences things.

- Examine suggested product and marketing implications for each of the six responses.

ReasonsToBuy
- How do consumers respond to missing out? What are their precise emotions? How does this vary depending on age, gender, and where they live?

- What kind of products will appeal to people who emotionally respond in certain ways? What is the correct message to convey?

Key Highlights
Lifestage is hugely influential in determining how a consumer responds. With the exception of "sadness", each of the responses most strongly affects either the youngest respondent group (18-24s) or the oldest (65-plus), with the other being least affected.

More than a quarter of respondents profess to feel indifference. This is why it is an incorrect assumption that all consumers are sensitive to FOMO. Indeed, cultural commentators are now drawing more attention to concepts such as JOMO - the "joy of missing out" - where introspection and feeling in control of your own decisions are celebrated.
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