#FOMO and Social Media Spend

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By Published On: May 29, 20180 Comments

The latest research shows the impact of social media on the spending habits of Australian University Students, with seamless integration a driving influence.

The Social Spending Report released today by UniBank has found that social media has a pervasive influence on the spending habits of 88 percent of university students.

Seamless in-platform shopping experiences were a trigger for how much 43 percent of students spent via social media. Instagram launched its shoppable posts feature in March 2018 which means products can be bought in a matter of taps, without having to leave the app.

FOMO (fear of missing out) was a driver for 39 percent of students’ social spend. With the rise of influencers and instagram-perfect lives being broadcast 24-7, it’s understandable that social media users feel the pressure to spend.

“If you’re aged under 25, you’re constantly exposed to aspirational lifestyles on social media so it’s not surprising to see it has a real impact on students’ spending habits,” said UniBank General Manager, Mike Lanzing.

Female students feel more influenced by what they see on social media to spend on fashion and beauty (71 percent), while male students are more influenced to spend on restaurants, cafes and bars (61 percent).

The study also showed that:

  • More than 80 percent of students have spent at least some of their income on non-essential items they’ve seen on social media.
  • 18 percent have had a social media purchase turn up that they’d forgotten about.
  • 32 percent have regretted something bought on social media.

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