Research pick: Going loco with so-so COCO on the YOLO-FOMO yo-yo? - "The impact of fear of missing out on conspicuous consumption: the mediating role of self-esteem"

The common vernacular of YOLO, you only live once, and FOMO, fear of missing out, lead many people to yo-yo up and down between anxiety states. Research in the International Journal of Economics and Business Research, has looked at the role of self-esteem when people have that FOMO feeling in the context of conspicuous consumption (COCO).

The research shows that FOMO can nudge people to spend more on goods that display status or success than they otherwise would. The research also shows that this effect operates partly by eroding self-esteem, prompting individuals to seek reassurance and validation through conspicuous consumption of material possessions. The conclusions were drawn after an analysis of survey results from 561 employed adults in mainland China.

The analysis revealed that people who feel stronger FOMO are markedly more likely to engage in such spending. At the same time, the researchers found that FOMO reduces a person’s sense of worth, their self-esteem. One might think of it as being the psychological equivalent of comfort eating, but it is the unnecessary consumption of high-prestige and other possessions rather than the inappropriate ingestion of food. The acquisition of possessions becomes the means by which the consumer attempts to restore their self-worth and social standing. Rarely is comfort eating or such conspicuous consumption of long-term benefit to the individual.

The results suggest that the relationship between FOMO and conspicuous consumption operates on two levels: a direct urge to keep up with others, and an indirect process in which reduced self-esteem fuels the desire for visible affirmation. Those with stronger self-esteem appear more resilient to these pressures, relying on internal rather than external sources of validation.

Gender did not emerge as influencing factor, men and women were equally prone to the issues. However, age did have an effect with older participants less affected by FOMO than younger people, suggesting that age brings greater emotional maturity and less dependence on external validation.

Jiang, Z-W. and Chang, S-Y. (2025) ‘The impact of fear of missing out on conspicuous consumption: the mediating role of self-esteem’, Int. J. Economics and Business Research, Vol. 29, No. 18, pp.1–19.