Why FOMO makes us spend more than we should –even on toilet paper

Description

‘Fear Of Missing Out’, or FOMO, isn’t something you’d normally associate with toilet paper or baked beans. But Covid has broken down so many barriers that a feeling once linked to festivals and overseas trips hasbecome a driving force in the way we shop.
Often throughout the pandemic those shots of empty shelves were caused less by supply chain slip ups thanthey were by worried people giving in to their deepest fears.
Our research into how consumers respond to scarcity showed that depending on the type of product, a senseof scarcity – that only a limited number of an item or experience is available, or for a limited time – createsdifferent emotions and different buying actions.