Generation Y, also known as millennials, have long lived by the motto “YOLO”, an acronym for “you only live once”. The acronym first appeared on the internet in 2012. Over the next few years, millennials chose not to let financial constraints limit their lives. Focusing on the here and now has led to the rise of fast fashion, e-commerce and the sharing economy.
FOMO – fear of missing out and its effects
The increased amount of time Generation Z spends on social media is leading to new phenomena. FOMO, or “fear of missing out,” is defined by Cambridge as an anxious feeling that one might miss out on important information, events, or experiences, caused by what they see on social media.
Fast fashion brands capitalize on a combination of YOLO and FOMO by creating a sense of urgency in consumers. Some stores stock clothes several times a week and provoke a quick decision to avoid the disappointment of not having the product later.
A study published by five academics in 2023 looked at how fear of missing out drives purchase intentions in the fast fashion industry.
Fast fashion takes a toll on wildlife and ecosystems, and cheap clothes end up being much more expensive. Every year, 100 billion new garments made from fibers are produced, many of which soon end up in landfills. This leads to an increase in the carbon footprint.
E-commerce from fast fashion stores and beyond means more emissions from transporting goods and more packaging for all items.
JOMO – the joy of missing out
In search of a better balance between work and free time and redefining the model for success, the term JOMO – the joy of missing out – appears. This means slowing down and experiencing the joy of not being part of all the modern trends.
JOMO is a trend among young professionals who want to escape the always-on culture. Not following the trends means that you lose the need to constantly buy new clothes or equipment just because there is a new model or fashion. This saves nature, saves Gen Z money and helps them feel more relaxed and financially independent.
