FOMO | Impulse Buy or Hot Deals
Fear of missing something, as the term implies, quite often people end up buying something they may not need in immediately or because there is a hot deal going on, so they buy it. It could be real estate or a new simply release of an iphone, Samsung phone or a new brand Car.
Real estate in Canada has been crazy since beginning of 2021. It has been a hot market during pandemic time as well.
Since the interest rates are historically low, no one wants to be left behind. People are not only paying more prices but this trend has grown and has lead into a new direction of kind into a bidding situation. People are buying homes in multiple situation.
Can we relate this to an example of FOMO ?