Do you ever feel like the sneaker industry is just constantly taking all your money? Each week there is always a new exclusive collab or limited-edition release dropping that we feel obliged to buy. Believe it or not, there is some psychology behind this, and it is called FOMO. Although it sounds silly, it is a very real thing, and we will be getting into it all in today’s article. Keep on reading to find out what FOMO is and how it benefits the sneaker industry.
What is FOMO?
FOMO stands for ‘fear of missing out.’ It plays a significant role in driving consumer behaviour. Brands utilise this tactic to drive anxiety and make people feel like they might miss out on an exclusive experience or offer. Using phrases such as “limited edition,” “exclusive,” and “one-time offer,” they are all used to create FOMO.
FOMO benefits the sneaker industry in various ways. One being that it creates a sense of urgency and exclusivity around sneaker drops. Your favourite sneaker brands such as Nike, Air Jordan, and Yeezy all capitalise on FOMO to ensure that their kicks are an instant sell-out and so that sneakerheads across the globe are fighting for them. Although this may seem harmless, at times it can get quite dangerous, especially for those who have extreme shopping addictions. It can lead to serious debt.
FOMO also fuels engagement and excitement within the sneaker industry. As a result of FOMO, you will find sneakerheads constantly monitoring dates, setting countdowns, and waiting in absurd lines and queues, all to purchase a pair of “exclusive” sneakers. This type of buzz surrounding new sneaker releases benefits both sneaker brands and retailers.
So, next time you see a new sneaker drop, look to see if the brand has tried to create FOMO. The Yeezy sneaker brand is infamous for utilising the FOMO tactic, and results have clearly shown that it works.
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