JOMO, the Joy of Missing Out, is the latest lifestyle trend to embrace
It used to be FOMO – the Fear Of Missing Out – that was the constant preoccupation. The anxiety associated with not being on the guest list for cool events, or up-to-the-minute with the latest conversations on social media, or having had cocktails at the new bar everyone’s talking about.
But in what looks like a backlash, millennials have shifted priorities and now JOMO – the Joy Of Missing Out – is the trend to embrace.
JOMO is all about actually taking pleasure in cancelling plans and staying in. According to a survey by VoucherCodes.co.uk of over 2,200 people across the UK, 78% of millennials actively take part in JOMO at the expense of socialising with friends and taking up new activities. Just under half of those surveyed said they were perfectly happy in their own company, and just over half said they consider time spent alone to be important to their happiness.The new lifestyle trend, JOMO, is all about taking pleasure in cancelling plans and staying in Click To Tweet
But what do they actually do with all that time spent at home? Favourite activities include not getting dressed all day (33%), watching a streaming service all day (32%), having an early night (29%), and reading (27%).
Taking a break from social media was also popular (18%), however, JOMO would appear to be closely aligned to signing up to subscription services, with a quarter of millennials confessing to spending the equivalent of one working day a week watching Netflix.
So what exactly is behind this new lifestyle choice? According to the survey, the most common reason given for taking part in JOMO is to save money with a view to being able to afford life-enriching experiences. Two-thirds of respondents said they would rather spend money on experiences than material possessions, and 61% said they would prefer to spend money on creating memories with others.
Investment in quality time with friends was preferred to frequent, less meaningful encounters. The fact that pictures of people enjoying experiences are far more ‘shareable’ on social media than images of items probably helps.
But if today’s consumer is shunning ownership of material possessions, then this presents a problem for brands, not least when it comes to marketing.
So what can they do?
Aligning themselves with events to help consumers in their quest to find memorable experiences is a place to start.
This doesn’t necessarily need to be on a lavish scale and can also be at an unrelated venue. Associating with supper clubs, food-tasting evenings, cookery demonstrations, live music nights, talks, and so on, are all creative ways for brands to capitalise on new consumer preferences.
In the retail environment itself, offering consumers the opportunity to browse and interact with the brand while attending a wine tasting or a workshop is another approach. Any experience-related enhancements that a retailer can offer – a glass of chilled prosecco in the showroom, or the chance to win a weekend away in a draw – can only be a bonus.
However, when engaging with the consumer that now values experiences above anything else, making sure that any interaction with the brand is both completely seamless and extremely pleasurable is more important now than ever before.