March 13, 2012

JWT’s Ann Mack delves into FOMO at SXSWi

Posted by: in North America

As part of the SXSWi festival in Austin, our own Ann Mack, director of trendspotting, talked to a packed house about FOMO (that’s the Fear Of Missing Out, for those who aren’t familiar). FOMO is the uneasy and sometimes all-consuming feeling that you’re missing out—a timeless social angst, as Mack noted, but what’s different now is how social media can amplify FOMO to the nth degree.

Today’s unprecedented awareness of how others are living their lives is stirring up FOMO for almost anyone with a Facebook account. Mobile devices and location-based tools also facilitate conspicuous living, with people clamoring to show and tell all as it’s happening around the clock, wherever they are. Mack pointed out that whether we realize it or not, this has led to an endless game of social one-upmanship: “I’m more witty, worldly, on-the-go, in-the-know than you.” Indeed, in a survey JWT conducted in January, nearly three-quarters of U.S. respondents said they feel people use social media to brag about their lives, a notion that rang especially true among teens and young adults, with 81 percent in agreement. (For more U.S. findings, check out the data visualization below.)

Social one-upmanship is feeding into relative deprivation, a sociology term that refers to the dissatisfaction people feel when they compare their circumstances to others’ and perceive that they have less. And while social media brings us closer to the upper echelons via tweets from the rich and famous, we’re most susceptible to relative deprivation when we see that those with whom we compare ourselves are engaging in enviable experiences. The hyper-connected Millennials are especially susceptible. Mack noted that this is in part due to age and life stage—a narcissistic period that’s focused on defining identity and exploring others’—and in part to the fact that FOMO-inducing tools are so ingrained in their lives.

For brands, this has powerful potential: FOMO can drive spending, since it heightens participation on social media platforms and motivates consumers to do more. Mack concluded that although there’s no cure for the common FOMO, brands can ease it, escalate it, make light of it, turn it into a positive and help people to live with it.

For more, download the full FOMO report here. A podcast of this presentation can be found here.

1 Response to "JWT’s Ann Mack delves into FOMO at SXSWi"

1 | Maree

November 27th, 2012 at 1:57 am

Avatar

Love the little animation!
We’ve been working on FOMO for a little while now, it is quite frightening! I really like your 4 recommendations on harnessing it!

Comment Form

SIGN UP FOR OUR WEEKLY EMAIL NEWSLETTER:

New: The Future 100

The Future of Payments & Currency

JWT AnxietyIndex

Things to Watch

  • Tears become… streams become…
    December 17, 2014 | 1:50 pm

    Artists and performers are increasingly creating multisensory pieces that immerse and envelope audiences, who in turn are embracing these one-of-a-kind experiences. In New York, the latest example is the performance and installation tears become… streams become…, a “field of water that harnesses light, reflection, music and sound” by Scottish artist Douglas Gordon and French pianist Hélène Grimaud.

    Continue reading “Tears become… streams become…” »

  • The Glade Boutique
    December 11, 2014 | 5:16 pm

    More marketers across the spectrum are creating novel pop-ups and activities that add dimension to the brand and satisfy consumer interest in experiences. These experiences are also increasingly interactive, immersive and multisensory, as our past trend reports have discussed. In line with these trends, a Glade Boutique holiday pop-up in New York City’s Meatpacking district, created with fashion designer Pamela Dennis and interior designer Stephanie Goto, features five rooms themed around “scent-inspired feelings,” like relaxation and “energized” (complete with an Oculus Rift virtual thrill ride).

    The pop-up is a departure for the mass-market candle brand: It has no outside signage, just a keyhole with a neon sign asking, “What will you feel?” Inside, with white walls and polished concrete floors, there’s all the cues of a groovy concept store. Visitors walk past a terrarium to the “Feelings Lounge”—sofas arranged around an objet-bedecked coffee table—then find the new collection of candles covered in bell jars for sampling the scents, akin to the merchandising format of ultra-luxe candle brand Cire Trudon. There’s also a backlit installation made up of hundreds of Glade candles.

  • Cheap-phone wars
    December 3, 2014 | 11:54 am

    Obi Mobiles

    Mobile brands are creating cheaper, stripped-down smartphones for emerging markets, competing with domestic brands producing their own low-cost phones. The field is getting more competitive with Obi Mobiles from former Apple CEO John Sculley, which targets young, image-conscious consumers. Obi launched recently in India, the Middle East and Singapore, and plans for further expansion in 2015.

    Obi will be taking on Chinese up-and-comer Xiaomi, which is entering five new markets this year. Meanwhile, Google launched the Android One OS in India last month in tandem with several domestic brands, which are pricing the phones at around $100. Prices will get lower still, at least for the most basic smartphones: Mozilla has announced plans to sell phones that use its Firefox OS in India and Africa for just $25. —Marian Berelowitz

    Image credit: Obi Mobiles

  • Snapcash
    November 19, 2014 | 4:54 pm


    Disruption in the payments sphere is opening the way for social media brands to act as intermediaries between consumers and their money, as we note in our report on payments and currency. Facebook is said to be planning a P2P payments feature for Messenger, South Korea’s KakaoTalk announced a PayPal-like service in September, and Line is creating a mobile service that will let users make on- and offline purchases. Now, Snapchat is partnering with Square to enable payments between users, as explained in this video’s energetic retro musical number.

    After users (U.S. only and 18-plus only) enter debit card info, they simply send a cash amount within a text. While Snapchat’s recent data breaches may give some users pause, the P2P payments space is a smart place to be as young consumers get accustomed to services like Venmo that make it easy and even fun to pay friends. —Marian Berelowitz

  • Payment in a heartbeat
    November 11, 2014 | 5:26 pm

    Nymi-paywith

    Our recent report on the future of payments and currency spotlights the rise of biometric payments—using a unique physical characteristic to authenticate transactions—which promise to greatly improve security and help remove friction. So far we’ve seen systems that rely on fingerprints (e.g., Apple Pay) and the palm’s unique vein payment (see Quixter). Now, the startup Bionym is exploring ways to harness its Nymi wristband, which uses the wearer’s unique cardiac rhythm as authentication, for payments.

    Bionym is linking with MasterCard and the Royal Bank of Canada for a test in which an NFC chip in the wristband enables contactless payments. The company, which is looking to license its technology into other wearables, recently raised $14 million in a Series A funding round and has racked up 10,000 preorders for the Nymi. —Marian Berelowitz

    Image credit: Nymi

  • Vegetable co-stars
    November 4, 2014 | 6:31 pm

    veggies_4

    “Vegetable co-stars” is one of our 100 Things to Watch in 2014—the idea that veggies are gaining a higher profile on restaurant menus—and more star chefs are indeed embracing this trend. José Andrés and his ThinkFood restaurant group plan to open Beefsteak (as in tomatoes), a vegetable-focused fast casual eatery in Washington, D.C., next year. The Washington Post also points to chef Roy Choi’s new greenhouse-like Commissary in L.A., which says it serves “good food and drink based around plants as the foundation.”

    “Chefs around the country, and the globe, are pushing meat from the center of the plate—and sometimes off it altogether,” notes The Wall Street Journal, citing examples like Alain Ducasse revamping his menu at the posh Plaza Athénée in Paris. Catering to a growing group of diners looking to eat less meat, vegetable-heavy dishes also offer new opportunities for creativity. —Marian Berelowitz

    Image credit: Plaza Athénée

  • Xiaomi zooms ahead
    October 30, 2014 | 4:44 pm

    Xiaomi, which we included on our 100 Things to Watch in 2014 list, is now the world’s third-largest smartphone maker, according to IDC’s Worldwide Quarterly Mobile Phone Tracker. The young company has seen triple-digit year-over-year growth in smartphone shipments, per IDC, surging ahead of both LG and Lenovo. Often described as the “Apple of China,” Xiaomi released its first phone just three years ago; its latest, Mi4, is an iPhone clone that runs on a modified version of Android.

    The company is expanding beyond China into India and Singapore, and planning to enter a slew of other growth markets, including Russia, Turkey, Brazil and Mexico. For more on whether Chinese brands can succeed on the world stage, see our report Remaking “Made in China.”Marian Berelowitz

    Image credit: Xiaomi

     

  • Money & messaging apps
    October 23, 2014 | 11:13 am

    LINE_icon02

    Given the primary function of mobile messaging apps and their technical capabilities, money transfer and payments are an alluring proposition, as outlined in our new report on payments and currency. Snapchat filed two trademarks in July that indicate a potential move into peer-to-peer payments. The recently announced Line Pay will let Line users make purchases through their Line accounts, send funds to each other, and split costs using a “Dutch Pay” feature. Line Pay will launch in Japan and, as Tech in Asia reports, serve as “an entrance to new industries” thanks to integration with the new Line Taxi service and Line Wow, for food delivery. In South Korea, KakaoTalk launched the PayPal-like Kakao Pay in September, and a remittance service, Bank Wallet Kakao, is in the works. —Marian Berelowitz

    Image credit: Line

  • The #TimsDark Experiment
    October 14, 2014 | 3:46 pm

    To entice customers into tasting its new dark roast, Canadian fast food chain Tim Hortons, with the help of JWT Canada, created a surprise immersive experience. A store in Quebec was wrapped in material that blocked all light from the outdoors. Patrons entered warily and, once inside, heard a staff member (who was wearing night vision goggles) guiding them through the dark. At the counter, customers were handed a cup of the dark roast—the brand’s first new blend in 50 years—with the darkness heightening their sense of taste. When the lights came on, the patrons saw they were on camera.

    The #TimsDark Experiment has garnered YouTube views and some press attention, and shows how creatively imagined immersive experiences—one of our 10 Trends for 2014—can encourage consumers to engage with a brand.

  • Bitcoin bank Circle
    October 7, 2014 | 4:40 pm

    Circle

    In late September, the startup Circle launched a web app that effectively functions as a bitcoin bank. Using a debit card or bank account, users transfer funds to Circle, which converts the money to bitcoin at no fee. Circle also insures this money at no cost. The company aims to make bitcoin more accessible via consumer-friendly design and is aiming to take on traditional banks and companies like PayPal, as The Guardian reports. Next up: Android and iOS Circle apps.

    Circle co-founder Jeremy Allaire gave a keynote at the Inside Bitcoins conference in April, citing the need for a “killer app” to bring bitcoin into the mainstream. Now Circle seems to be taking the lead, and others are sure to follow. —Nick Ayala

    Image credit: Circle

  • RSSArchive for Things to Watch »