Bandwagon effect

Tendency to follow the crowd. Adopting behaviours, practices, attitudes, beliefs only because others are doing it.

Cause

  • This can happen because individuals prefer to conform, or because individuals derive information from others.
  • Much of the influence of the bandwagon effect comes from the desire to 'fit in' with peers; by making similar selections as other people, this is seen as a way to gain access to a particular social group.
  • Bandwagoning serves as a mental shortcut.
  • Fear of missing out.
  • Being on the 'winning side'.

Consequences

  • Fashion trends
  • In financial markets through price bubbles