• by Karl Greenberg , Staff Writer, May 6, 2011

This is probably an understatement, but "fear of missing out" is a big deal, at least with me. The fact that it has an official acronym -- FOMO -- must mean that I'm not alone. What is fear of missing out? It's that disbelief that you have never been to Greece, that sense of desperate jealousy you feel when your globe-trotting friend describes all the hassles of arranging their next trip ... to Patagonia. Via the Canary Islands. Which they'll be doing right after they mountain bike the Continental Divide. Fear of missing out is, in other words, a fear that you won't do your bucket list before you kick the bucket.

I had no idea there was an official name for it until I found out that JWT's May trend report is all about FOMO. In particular, the report goes into how digital media has worsened its effects. Again, I know all about this: last night I wasted at least an hour and a half watching Navy SEALS basic training "Hell Week" videos on YouTube for the sole purpose of making myself feel inadequate. It worked.

Ann Mack, director of trendspotting at JWT, (and by the way, she and I used to work together so if I think about it, I could generate some FOMO about what I imagine she's doing these days -- going to Cannes, flying around on JWT's corporate jet ...) says social media is a breeding ground for this kind of envy because they allow us a taste of what cooler people are doing, while juxtaposing that with what we imagine is a pathetic, Walter Mitty life. Of course, the people bragging on Facebook are exaggerating shamelessly.

"FOMO may be a social angst that's always existed, but it's going into overdrive thanks to real-time digital updates and to our constant companion, the smartphone," says Mack. "As social media makes people aware of things to which they otherwise might not have been privy, it can spark a sense of vicarious participation or motivate real-world behavior. Conversely, it can be a curse, fostering anxiety and feelings of inadequacy."

The firm says as many as 72% of young adults (ages 18-33) in the U.S. and U.K. said they could completely or somewhat relate to FOMO, with 4 in 10 saying they experience it often or sometimes. Also, in the U.K., 63% of young adults agreed that it's easy to feel left out on a site like Facebook, and 61% said social media has amplified FOMO. In the U.S., around half said the same.

The problem is especially pertinent to men, with 45% of male respondents saying they feel somewhat or very left out when they see via social media that their peers are doing something they're not, compared with 29% of women. The FOMO skew is most pronounced in the U.S., where more men than women relate to FOMO: 51% vs. 40%.

How can marketers exploit this? Offer perks. Not necessarily trips to Antigua, but -- as American Express does as part of its sponsorship of properties like Madison Square Garden -- loyalty rewards for members that let them transcend their daily life. And then trips to Antigua.