Offer me a widget for $20, and I’ll probably decline. (no for now)
It’s not that I don’t like that spiffy widget . . . The truth is that I LOVE the widget, but I need to take some time to think about all the other ways I could spend that $20.
I wasn’t even in the market for a widget in the first place. A little time passes, and my self-talk becomes more reasonable: “Buying this widget at first offering shows signs of impulsive tendencies . . . a weakness.”
What are the advantages of owning one of these widgets? What will other people think when they see I’ve bought this thing – for $20? What’s the probable shelf-life of this widget? Will I use it a couple of times and then relegate it to the pile of other widgets in the closet or kitchen cabinets?
Nah! Not yet! I’ll wait until I see other people buying these widgets. If I wait, the price could go down to $17.50 or LESS. I’d be a fool to pay the full price today only later to witness all my friends paying less.
Uh-oh . . . Did you see that lady over there bragging about being one of the first people on the planet to own a widget like this? I listened in on the conversation and overheard that the price of these widgets is going UP to $22.50 . . . OMG! I’ve missed the boat . . . I’d better hurry and get one.
Hmmm . . . Buying this widget wasn’t a worthwhile purchase until the pain of FOMO kicked in. Well . . . At least I didn’t buy on impulse, eh?
(FOMO = Fear of Missing Out)