For a while now, I’ve complained about the beauty industry generally being exhausting with its oversaturated product launches. There’s been little innovation; the brands are largely trend-chasing rather than trend-setting.
The severity of the symptom is newer, but the root cause isn’t. Fundamentally, the consumerism that advances success of the beauty industry is powered by FOMO. It isn’t an internet or social media problem, either, though they certainly exacerbate it; think of, pre-widespread internet adoption – people were buying glossy magazines. Different format, but just another example of how the modern beauty industry is powered by FOMO (or, was).
Quick pause – in case you, like me, resent cutesy acronyms and would benefit from knowing WTF I’m talking about:
FOMO, or the, “fear of missing out,” is a psychological phenomenon whereby people have an irrational desire to partake in an experience to avoid the regret of not doing so.
So, in other words, brands that fuel the FOMO engine are the most successful. FOMO is the reason behind flash sales, waiting lists, and social media “unboxing” videos. Unfortunately, FOMO is also the reason why the beauty industry is in a constant state of “newness.”