Self-regulation and panic buying: examining the brake mechanism effect on fear of missing out

Abstract

Purpose

Extant research indicates that fear of missing out (FoMO) caused by the negative influence of media and word-of-mouth (WOM) leads to panic buying and generates a negative impact on consumer well-being. However, the mechanism that can minimise or abort this impact remains understudied. Therefore, in this study, we examine how consumer self-regulation functions as a brake mechanism to intervene with the negative influences of media and WOM on FoMO.

Design/methodology/approach

Data were collected from a representative sample in Australia. Hypotheses were tested by applying generalised structural equation modelling (GSEM), and analysis was conducted using the statistical software Stata 17.

Findings

Self-regulation is negatively influenced by media channels and WOM but is positively influenced by media content. Consumer self-regulation acts as a brake mechanism for FoMO. Panic buying, which is triggered by FoMO, has a significant impact on negative emotional well-being.

Research limitations/implications

The limitations of the study are associated with the survey data collection.

Practical implications

We extend the knowledge of how self-regulation works as a brake mechanism for the complex FoMO construct consisting of a perception of missing out accompanied by irrational behaviours. Self-regulation emerges as a brake mechanism for FoMO. Hence, if self-regulation is practiced at the inception of the media and WOM exposure, it can counteract FoMO and potentially abort its’ impact on panic buying.

Social implications

From a practical perspective, policymakers could help emotionally vulnerable individuals better engage in self-control practices through support programmes and workshops aimed at assisting the public in coping with overwhelming and intense adverse emotions experienced during and following various crises. Vulnerable cohorts, particularly the younger generation who are arguably more susceptible to FoMO, need to be studied more thoroughly in the marketing domain.

Originality/value

The role of self-regulation has been studied thinly in marketing literature, particularly in relation to offsetting irrational consumer behaviours. The originality of our study is that it extends and broadens the understanding of the role of self-regulation in the context of pandemics and addresses the inconclusive evidence of the impact of self-regulation on FoMO.