Social comparison has always been prominent; what someone else has or does can be the root of much envy. An emotion that is usually combatted by acquiring what is causing it, testing the strength of our self-control.
Richard Easterlin, a professor in Economics, suggests people of all income levels tend to compare themselves to those who are slightly better off.
The phenomenon of social media has fuelled our association with other’s lifestyles more so; making it easy to view boasts of other’s whereabouts and purchases. JWT have labelled this observation ‘FOMO’ – Fear of Missing Out. In their recent trend report, 42% were found to have an increased FOMO because of social media, whereas 8 in 10 use social media to brag about their lives.
This comparison of circumstances lends itself to the feeling of inadequacy, a feeling most would actively avoid. Mr Hofmann of the University of Chicago stated: "Modern life is a welter of assorted desires marked by frequent conflict and resistance, the latter with uneven success."
We don’t often plan the ability of practicing self-control as we don’t account for needing it. Impulse decisions are often where irrationality takes over. Lack of self-control is one of the main drives towards spending. Constantly comparing to what others have unsurprisingly generates a want for more. Nordgren et al., (2009) states that we overestimate our ability to resist temptation; it is not something of a forethought.
Lauren Overton
Consumer Analyst
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