Is it FOMO or is it ME? The influence of personality traits on cryptocurrency consumption

IF 8.9 2区管理学 Q1 BUSINESS

Psychology & Marketing Pub Date : 2023-10-09 DOI:10.1002/mar.21919

Nwamaka A. Anaza, Bhaskar Upadhyaya, Delancy Bennett, Cecilia Ruvalcaba

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引用次数: 0

Abstract

Abstract Why do consumers invest in cryptocurrency despite its sharp increases and decreases in value? While it seems rational that such volatility should increase consumers' fear of investment, we posit that the fear of missing out (FOMO) on the possible positive returns negates such. Further, this study explores the impact that consumers personality traits, using the big five model, has on FOMO when predicting consumers purchase intentions of cryptocurrencies. Additionally, while consumer behaviorists theorize that information search is an important aspect of the consumer decision making process, marketers have yet to integrate consumers degree of cryptocurrency knowledge as a conditional factor that influences their cryptocurrency purchase behavior. Grounded in trait and prospect theory, we employ a repeated cross‐sectional sampling design to investigate these relationships in a bear and bull market. An analysis of the data from 444 and 250 respondents suggests that FOMO predicts the likelihood of investing in cryptocurrencies for certain personality traits. The findings of this study are novel as we observe that FOMO is a driving force behind cryptocurrency's consumption for agreeable and neurotic consumers. However, FOMO negatively mediates cryptocurrency investment likelihood for consumers with high openness to experience and conscientiousness in a bear market, but not in a bull market.

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是FOMO还是ME?人格特质对加密货币消费的影响

尽管加密货币的价值急剧上涨和下跌，为什么消费者仍然投资于加密货币?虽然这种波动会增加消费者对投资的恐惧似乎是合理的，但我们认为，对可能的正回报的错失恐惧(FOMO)会否定这种恐惧。此外，本研究在预测消费者购买加密货币的意图时，使用五大模型探讨了消费者人格特征对FOMO的影响。此外，虽然消费者行为主义者认为信息搜索是消费者决策过程的一个重要方面，但营销人员尚未将消费者的加密货币知识程度整合为影响其加密货币购买行为的条件因素。基于特征和前景理论，我们采用重复横截面抽样设计来研究熊市和牛市中的这些关系。对444名和250名受访者的数据进行的分析表明，FOMO预测了某些人格特质投资加密货币的可能性。这项研究的结果是新颖的，因为我们观察到FOMO是随和和神经质的消费者消费加密货币的驱动力。然而，在熊市中，对经验和责任心高度开放的消费者，FOMO负向调节加密货币的投资可能性，而在牛市中则没有。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Psychology & Marketing Multiple-

CiteScore

12.10

自引率

20.90%

发文量

127

期刊介绍： Psychology & Marketing (P&M) publishes original research and review articles dealing with the application of psychological theories and techniques to marketing. As an interdisciplinary journal, P&M serves practitioners and academicians in the fields of psychology and marketing and is an appropriate outlet for articles designed to be of interest, concern, and applied value to its audience of scholars and professionals. Manuscripts that use psychological theory to better understand the various aspects of the marketing of products and services are appropriate for submission.