My money—My problem: How fear‐of‐missing‐out appeals can hinder sustainable investment decisions

Jan‐Hinrich Meyer; Felix Friederich; Jorge Matute; Michelle Schwarz

doi:10.1002/mar.22077

journal article Open Access Jul 17, 2024

My money—My problem: How fear‐of‐missing‐out appeals can hinder sustainable investment decisions

Jan‐Hinrich Meyer

Felix Friederich

Jorge Matute

Michelle Schwarz

Psychology & Marketing Vol. 41 No. 11 pp. 2677-2694 · Wiley

View at Publisher Save 10.1002/mar.22077

Abstract

AbstractCryptocurrencies (cryptos) have detrimental environmental effects due to their massive energy consumption. While several green crypto coins have been launched, the mainstream—environmentally unfriendly coins—still lead the market. In this study, we explore if influencer marketing, specifically fear‐of‐missing‐out (FOMO) appeals, can contribute to promoting green crypto coin purchases to encourage sustainable investments. The results of five studies (two lab experiments using neurobiological sensors, two online experiments, and a discrete choice experiment) show that social media postings conveying FOMO appeals decrease (increase) green crypto (normal crypto) coin investments. The results further show that message congruence and emotional value perceptions mediate this effect. Finally, we demonstrate that the observed results hold when adding governance and regulatory crypto support as well as the crypto price path evolution to the choice. The results provide notable theoretical contributions and implications for policymakers concerned with fostering more sustainable consumption behavior in the crypto context.

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Details

Published: Jul 17, 2024
Vol/Issue: 41(11)
Pages: 2677-2694
License: View

Authors

J

Jan‐Hinrich Meyer

IQS School of Management Universitat Ramon Llull Barcelona Spain

F

Felix Friederich

IQS School of Management Universitat Ramon Llull Barcelona Spain

J

Jorge Matute

IQS School of Management Universitat Ramon Llull Barcelona Spain

M

Michelle Schwarz

IQS School of Management Universitat Ramon Llull Barcelona Spain

Cite This Article

Jan‐Hinrich Meyer, Felix Friederich, Jorge Matute, et al. (2024). My money—My problem: How fear‐of‐missing‐out appeals can hinder sustainable investment decisions. Psychology & Marketing, 41(11), 2677-2694. https://doi.org/10.1002/mar.22077

My money—My problem: How fear‐of‐missing‐out appeals can hinder sustainable investment decisions

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