Should you’re questioning how you need to use worry of lacking out to extend your gross sales—and also you need some strong proof to again it up—we’ve received some FOMO statistics you’re going to like.
On this article, we share 25+ highly effective stats for 2024, masking every little thing from what causes FOMO to tips on how to drive gross sales with FOMO advertising and marketing.
25+ FOMO Statistics (2024)
We’ve pulled collectively FOMO-related stats to indicate you the true energy of this advertising and marketing tactic.
Let’s begin by taking a look at which group of individuals experiences FOMO essentially the most.
Who Experiences FOMO?
Based on the analysis, there’s one explicit technology that experiences FOMO essentially the most. And, they’re additionally the most probably to create FOMO in others as effectively.
Are you able to guess which technology it’s?
That’s proper, millennials!
Folks usually combine up millennials with youngsters. However millennials are literally 23-38 years previous they usually spend cash.
Millennials spend extra per yr on groceries, fuel, eating places, their cellphone, hobbies, electronics, and clothes.
The truth is, 60% of millennials spend greater than $4 on a single espresso and 69% of millennials purchase garments for causes past fundamental necessity.
Now that you understand millennials are big-spenders, let’s learn how FOMO impacts them.
- Practically 7 in 10 (69%) of millennials expertise FOMO, essentially the most of any age group.
- Millennials are the most probably to purposely attempt to create FOMO amongst their friends, with 33% saying they’ve finished so in comparison with 12% of these in different age teams.
- These with family incomes above $75,000 a yr weren’t solely the most probably to expertise FOMO but additionally the most probably to share their experiences on social media with the intent of making the feeling in others.
What Are the Results of FOMO?
FOMO is an actual feeling. So, it has actual results too. These statistics present how FOMO makes individuals really feel and what actions the sensation causes them to take.
- A lot of the feelings that had been skilled with FOMO appear detrimental: 39% reported feeling envious, 30% mentioned they felt jealous and 21% mentioned they felt unhappy or upset, with solely 29% reporting feeling happiness.
- Nonetheless, the identical report reveals that millennials are adopting extra optimistic views of envy and jealousy, utilizing them as motivating components for taking optimistic motion, like making a purchase order or scheduling a visit.
- 60% of millennial shoppers mentioned they make a reactive buy after experiencing FOMO, most frequently inside 24 hours.
- In a FOMO research, practically half of Millennials surveyed attend stay occasions in order that they have one thing to share on-line.
- 40% of millennials overspend or go into debt to maintain up with their mates
FOMO on Social Media
As a result of FOMO began out as a social media factor, let’s go over some social media-specific FOMO statistics.
- 56% of persons are afraid of lacking out on occasions, information and essential standing updates if they’re away from social networks.
- Fb is the commonest FOMO contributor (72%), adopted by Instagram (14%), Twitter (11%), and Pinterest (8%).
- About 51% of individuals go to or go surfing extra continuously to social networks than they did simply two years in the past.
- About 27% of individuals head to social media proper after they get up.
- The massive issues that create FOMO amongst millennials are journey (59%), events and occasions (56%) and meals (29%).
These are the fundamentals of FOMO statistics, you’ve received ‘em down. Now, let’s check out some FOMO statistics that may provide help to enhance gross sales with FOMO advertising and marketing.
On-line Critiques and FOMO
Do you know that FOMO might be created with on-line critiques? When a shopper sees that others are having a good time utilizing your product/service, they’ll need to purchase it for themselves too.
It’s simply one of many methods your online business can use FOMO to generate extra gross sales.
Listed below are some FOMO and on-line overview stats.
- Research present 92% of on-line shoppers take a look at a product overview prior to creating a purchase order.
- Product critiques are 12X extra trusted than product descriptions and gross sales copy from producers.
- Prospects might spend 31% extra at a enterprise with nice critiques.
- Constructive critiques encourage 68% of shoppers to make use of a neighborhood enterprise.
- 41% of shoppers might be tempted to buy a product with as few as 1 to 4 critiques.
Create FOMO with Person Generated Content material
Person-generated content material is one other efficient approach to make use of FOMO in your advertising and marketing technique. Person-generated content material (UGC) is any type of content material, like pictures or movies, which were posted by customers on on-line platforms like social media websites.
Just like on-line critiques, when a person sees a photograph posted by a buddy on social media that encompasses a cool new product, they’ll need to get it for themselves.
Check out these user-generated content material and FOMO statistics to seek out out simply how efficient this technique is.
- Millennials spend 18 hours per day with media, and 30% of that point is spent taking a look at user-generated media.
- 85% of shoppers discover visible UGC extra influential than model images or movies.
- 48% of consumers say that UGC is a good way to find new merchandise.
- 84% of millennials report that user-generated content material has some affect on what they purchase.
- Corporations that included UGC into their web sites see an 18% enhance in income.
Take a look at how ColorPop included UGC on their web site within the instance beneath:
When their web site guests see the superb make-up appears to be like individuals identical to them are creating utilizing ColorPop merchandise, they gained’t need to miss out on making an attempt it for themselves.
Person-generated content material acts as social proof by exhibiting that persons are truly shopping for and utilizing your merchandise. However it’s also possible to show social proof in your web site through the use of a social proof device like TrustPulse.
TrustPulse is a social proof notification app that shows real-time exercise in your web site. It reveals your web site guests notifications each time somebody indicators up for your e-mail record, registers for a demo, makes a purchase order, and extra. And that builds belief and creates FOMO.
The perfect half? TrustPulse can enhance conversions by as much as 15%!
Use Shortage and Urgency for FOMO Advertising
Like we talked about, the that means of FOMO is the worry of lacking out, and one factor consumers hate lacking out on is an effective deal. That’s why many entrepreneurs use shortage and urgency to create FOMO.
If a client is aware of a deal isn’t going to final lengthy or there are just a few gadgets left, they’ll make sure to take motion earlier than it’s too late.
Right here’s an instance from Amazon.
They present that the sale for the headband ends in simply over 1 hour and that 97% of the merchandise has already been claimed, making it pressing for customers to behave instantly if they need this nice deal.
Check out these statistics about utilizing shortage and urgency for FOMO advertising and marketing:
- When gadgets are scarce, they’re usually perceived as extra invaluable.
- Beneath perceived shortage situations shoppers exhibit shopping for behaviors like urgency to purchase.
- Countdown timers and limited-time affords create a way of consequence and worry of lacking out. The presence of the timer alone created an 8.6% carry in conversions.
That’s a wrap! Now you perceive the true energy of FOMO.
With these FOMO statistics, you may grasp the artwork of FOMO advertising and marketing in order that your leads and prospects gained’t need to miss out on something you’re providing.
Sources (aka, “Every part We Went By so You Didn’t Have To”):
Mashable | Adweek | Bizrate Insights | Econsultancy | Technique | Credit score Karma | Business2Community | Internet hosting Tribunal | CrowdRiff | Stackla | Telescope | Skift | Annex Cloud | Taylor and Francis On-line | Forbes
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