The impact of FoMO on brand loyalty: A study on the cosmetic industry

In this era where the importance of national borders has decreased and acting as a global whole has become more common, the concept of brands has also begun to have a global meaning. Brands that we used to only see their names in magazines are now being offered for sale in Turkey or almost everywhere in the world. This situation has led consumers to be exposed to a wide variety of brands. While consumers try to make choices among these brands, brands have also entered into a race to win this choice. As consumers try to reach a product they need, they try to reach the most optimal option in terms of all variables. Brands, which will offer this option to them, know that the consumer's shopping habits have changed and they want to ensure that the individual shops from them with the most suitable marketing technique for that period. At this point, brands work to ensure that consumers prefer their products in the long term and develop loyalty towards their brand. It is important for this loyalty to be a true brand loyalty with all its processes. Another concept that affects consumer behavior and purchase intention is the concept of FoMO (Fear of Missing Out). The level of preference for a brand that is influenced by FoMO, and whether the individual would abandon their current brand due to experiencing FoMO, have been researched. While examining the impact of brand loyalty on the level of purchase, the role of FoMO in consumer brand preference has also been investigated. Within the scope of the research, a survey was sent to 334 individuals via Qualtrics. Two different scenarios (affordable scenario and high-priced scenario) were constructed to analyze the level of brand loyalty, the level of FoMO (fear of missing out), and their impact on purchase intention in consumers' preference for cosmetic products. Subsequently, the relationship between the scales was examined. The scenarios were separately analyzed, and the differences between them were investigated. Based on the collected information, analyses were conducted, and the resulting findings were interpreted to provide recommendations for further research. Upon examination of the research findings, it was observed that FoMO and brand loyalty influence purchase intention. When analyzed based on scenarios, it was found that this effect was higher in affordable-priced brands.