Study about the impact of FoMO on online purchase intention on Generation Z people in Ho Chi Minh City: Based on social media usage

Abstract

Generation Z is also known as the generation that grew up with the Internet – the connected generation. However, behind the glamor on social networks, today's young people are being chased by invisible fears. A fear that few young people are aware of is psychological syndrome: FoMO (Fear of Missing Out). In addition, with the progress in the current socio-economic life, online shopping and consumption are the top concerns of many young people. For these reasons, the purpose of this study was to investigate and measure the impact of FoMO to stimulate the online purchase of Generation Z people, from the intention to the action. Social media usage also needs to be considered and combined to increase supply and demand for the market. The study also highlights the moderating effect of social media usage and perceived risk on relationship between constructs. This research helps the marketing professionals working at all levels whose goal is to maximize the online sales and performance of the organizations by serving their customers successfully. Moreover, the study would help predicting the consumer behavior and thereby considering the aspects that might be considered failures for all the stakeholders involved in online purchase. When implementing this academic research project, our group's goal is: to make a comprehensive literature review using reliable and widely recognized sources to choose an appropriate research model for the topic. During the research, we conducted a survey by interviewing 240 students from 18 to 25 years old in Ho Chi Minh City. The research results have shown that the FoMO factor has a significant and positive effect on online purchase intention. Besides, the social media usage also shows a positive impact on the effect of FoMO as well as the intention to purchase online. The results of this research are expected to contribute practical values both in theory and practice.