Fear of Missing out and Its Impact on Consumer Decision Making in Relation to Product Purchases in the Metaverse

Veronika Kopřivová and Radka Bauerová

Central European Business Review, 2024, vol. 2024, issue 4, 21-37

Abstract: The metaverse is experiencing a resurgence, embodying a digital realm constructed through technologies such as virtual reality, augmented reality, cryptocurrency and the internet. The metaverse is a trending and widely discussed topic. Companies are still intensely weighing the pros and cons of joining this space, and it is not an easy decision for them to make. Thus, to make this decision easier, there is a clear need for studies that clarify users' perception and intention of using the metaverse for purchasing products. Therefore, this study focuses on investigating the relationship between attitude and intention to purchase products in the metaverse and users' level of "fear of missing out" (FoMO) as a phenomenon that is currently significantly influencing consumers. A questionnaire was used for collecting the primary data. The research sample consisted of 425 respondents overall. The findings indicate that individuals in the cluster exhibiting heightened levels of FoMO tend to perceive metaverse product purchases as less sensible. Intriguingly, despite this lower perceived sensibility, over half of the individuals in this cluster express an intention to engage in metaverse-based purchases. Additionally, this particular cluster emerges as having the most pronounced inclination to purchase in the metaverse as soon as possible. Implications for Central European audience: The outputs offer valuable insights into the intricate dynamics of users' perceptions and intentions concerning metaverse-based product purchases. These insights can serve as a foundation for refining marketing strategies, tailoring product offerings and developing targeted initiatives that resonate with the specific concerns and motivations of the Central European audience. Ultimately, the study outputs contribute to fostering a more informed and strategically aligned approach to navigating the evolving landscape of metaverse-related consumer activities.

Keywords: metaverse; fear of missing out; purchasing (search for similar items in EconPapers)
JEL-codes: M31 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.18267/j.cebr.361

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