Tuesday, August 23, 2016

FOMO

When I was writing my post about shopping for craft supplies (see post), I realized how closely linked FOMO (fear of missing out) was to a lot of my shopping. It’s like I think that I’ll run out of/use up a particular item, and then I won’t be able to find something else I like as much. Obviously this kind of thinking is detrimental and pretty silly. The stores won’t stop selling things I like anytime soon, and I’m pretty good at finding things I like to buy. I’m also not so good at using up said things- I tend to resell/gift vs. wear out/use up. I’m feeding into what the stores are selling in their advertising ‘Get it before it’s gone’- designed to get me to purchase whatever it is they are selling.

Often times, an item I wanted was selling out so I bought it before I was either financially prepared, before it was on sale / I had a coupon to use to make the price  more comfortable, or before I would use or need it. Those very same items, 90% of the time, restocked and were available in the sale section another month or two later. I think it’s a tactic companies use to sell their product- create a higher demand by introducing something with limited quantities, then restock and sell more if it was very popular. The dwindling quantities the first time around inspires purchasing on FOMO, and the restocking inspires purchasing because you can buy the item you wanted you thought you missed out on! This actually just happened with a pair of ankle boots I’ve been wanting. The price point of $200 was very high for me, and at first I had to wait because I had ordered other booties from a different retailer and thought I should wait for the less pricey ones to see if I liked them better. Then, when they didn’t work out, I had to wait for coupons I knew were coming that I could combine (my birthday coupon and the new season item coupon) so I could purchase my boots. I also was attempting to rein in my spending, or I’m sure I would have caved prior to this. Once I had my coupons I had to wait because my bank account got too tight. All the while, sizes are selling out and I was afraid I’d miss out. After some avoiding and getting things better sorted out, I finally go to make my purchase with my coupons, crossing my fingers my size would be left. Well- it restocked in all sizes! I did purchase them because I did want them and had done enough of a pause to be sure that I really wanted them.



I need to be more conscious of this feeling- this irrational fear that drives me to purchase things before I really am ready to purchase them. I'll be keeping tabs on this going forward to see if this motivates me to purchase often, and see if I can identify anything deeper in regards to why.

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