Fear of missing out, social media influencers, and the social, psychological and financial wellbeing of young consumers

Abstract

This study examines the social, psychological, and financial wellbeing of younger consumers who follow social media influencers. The consumer panel MTurk was used to collect a U.S. sample of 863 adults aged between 18 and 40 who follow social media influencers. Structural equation modeling is used for data analysis. Greater fear of missing out is directly linked to lower levels of social, psychological, and financial wellbeing, however it is associated with stronger parasocial interactions with social media influencers. Parasocial interactions are, in turn, associated with higher levels of social, psychological, and financial wellbeing. This study is among the first to document the direct association of fear of missing out with lower social, psychological, and financial wellbeing and shows that parasocial interactions with social media influencers are a key pathway through which social media use can benefit the wellbeing of younger consumers.