The Two FOMOs: Why the Aspirational Middle Class Is Torn Between Today and Tomorrow
- Tassos Stassopoulos
- 3 days ago
- 4 min read
“Sometimes I end up buying something I don’t even use—just because of FOMO.”
— Saria, 28, Surabaya
Fear of Missing Out (FOMO) is often dismissed as a millennial or Gen Z quirk—a social media-driven urge to chase trends, likes, and experiences. But in emerging markets (EMs), FOMO runs deeper. It’s not just about envy or boredom; it’s tied to survival, dignity, and the relentless pressure to “keep up” in economies where wages stagnate while aspirations soar.
During ethnographic research across Indonesia in 2024, we found something surprising: FOMO doesn’t just push people to spend—it also drives them to save. This duality reveals two distinct forms of FOMO that shape the financial lives of the aspirational middle class: present-oriented FOMO and future-oriented FOMO.
Two FOMOs, One Tension
Present-oriented FOMO is the fear of being excluded now - from lifestyles, products, or social circles that peers seem to enjoy. Scrolling through Instagram or TikTok, young Indonesians see peers driving new cars, dining at trendy cafes, or traveling abroad. The message is clear: If you’re not doing this, you’re falling behind.
Future-oriented FOMO, by contrast, is the dread of missing out on investing for the future to provide long-term security - a home, retirement, building new skillsets to remain relevant, children’s education. This FOMO whispers: If you spend now, you’ll regret it later.
For many in EMs, these two forces pull in opposite directions. As one respondent put it: “If I enjoy too much now, I’ll miss my future. But if I save too much, I’ll miss my life.
This tension is especially acute in countries like Indonesia, where internet penetration, already above 70%, grew by 8.7% in just one year (2024–2025) - adding 17 million new users[1]. In the meantime real wages have barely moved since 2016[2]. Digital connectivity has globalized aspirations, but local economies haven’t kept pace. The result? A psychological tug-of-war between visibility today and viability tomorrow.
Stories from the Ground
Saria, a 28-year-old in Surabaya, embodies this conflict. She admits to buying things she doesn’t need - “because of the FOMO thing”- but feels guilty afterward. Why? Because she and her husband are saving to be self-sufficient in old age, fearing they’ll become a burden to their children. Her FOMO isn’t frivolous; it’s layered with intergenerational responsibility.
Bima, 32, tries to compartmentalise his life: first a “gathering phase,” then a “careful spending” phase. Yet he struggles. Surrounded by older, wealthier colleagues, he’s tempted by a luxury car—a symbol of arrival. But he’s consciously dialling back: “I’m already starting to reduce my FOMO choices.” His awareness shows how FOMO, when recognized, can be managed.
Then there’s Ayu, 26, who sees consumption as social strategy. Owning “middle-class” products—certain phones, bags, or skincare—helps her “be seen as higher” by her peers. For her, spending isn’t indulgence; it’s investment in social capital. As she put it: “Sometimes people appreciate me more.”
Though their motivations differ - Saria fears future dependency, Ayu seeks present validation - they share a core goal: to maintain an upward trajectory that is both visible now and sustainable later.
The Behavioural Roots of FOMO
This duality aligns with insights from behavioural economics, particularly Daniel Kahneman’s Thinking, Fast and Slow. While Kahneman doesn’t use the term “FOMO,” his work on loss aversion explains it well: people feel the pain of missing an opportunity more intensely than the pleasure of gaining it.
In EMs, the “reference point” isn’t just money—it’s social position, dignity, and hope. Missing a trend feels like falling out of the middle class; missing a savings goal feels like sliding into precarity.
Crucially, social media amplifies this. Unlike in developed markets, where financial literacy and institutional buffers (like pensions or credit safety nets) temper FOMO, EM consumers often navigate risk alone, guided more by WhatsApp groups and influencer posts than by qualified advisors.
Why This Matters
FOMO in emerging markets isn’t just psychological—it’s socioeconomic. For the aspirational middle class, every spending decision is a negotiation between belonging and security, image and independence.
This has real implications for investors, policymakers, and companies. The most impactful products won’t just sell status—they’ll help users bridge present and future selves. Think:
Collective microfinance and community savings groups: These peer-based schemes (like arisan in Indonesia or chit funds in India) blend social accountability with financial discipline. They help members save for long-term goals—education, home improvements, or business capital—while turning repayment into a shared ritual of progress, not just obligation.
“Aspirational yet affordable” product lines: From skincare with premium ingredients (like niacinamide or hyaluronic acid) at drugstore prices, brands are democratising the symbols of middle-class success. These products let consumers signal upward mobility without compromising financial stability.
Purpose-driven travel: No longer just a luxury or escape, travel is increasingly framed as self-investment: pilgrimages, skill-building retreats, or “study tours” to historical cities. For the aspirational middle class, these journeys offer cultural capital, confidence, and stories that elevate social standing—making them feel worthwhile, not wasteful.
Ultimately, understanding the two FOMOs—present and future—reveals a deeper truth: people aren’t just buying things. They’re buying pathways to the lives they believe they deserve.
In a world of rising inequality and digital mirages, the real luxury may not be a designer bag or a new car—but the peace of mind that comes from knowing you won’t be left behind, today or tomorrow.
[2] ILO. 2024. ‘Global Wage Report 2024-2025’
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