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