A brief history of rare items that drive FOMO
Utilizing rarity as a marketing strategy isn’t anything new. While recent product frenzies – such as the hysteria around PRIME drinks or the Sonny Angels collectable craze – are proving that rarity is a hot selling point right now, rare products have been in demand for centuries.
Before we look at some recent examples, let’s take a brief look at the history of rarity.
Take the diamond for example. While diamonds are widely considered to be one of the rarest gemstones, they are actually more common than we’re led to believe. And the reason we think they’re valuable is down to clever marketing.
Diamond trading company De Beers, who have historically controlled over 80% of rough diamond distribution, have been known to hoard diamonds to create scarcity of the stones on the market. And it works – diamonds are generally considered rare and valuable.
Another example is the Beanie Babies craze. While these stuffed toys aren’t as popular today, in the 90s they were perhaps one of the most in-demand products on the market. By 1998, the company that owned Beanie Babies, Ty Inc., had more than $1 billion in annual sales. The reason? Manufactured rarity.
Ty Inc. boosted their popularity by limiting the number of Beanies that each store could buy, allowing only 36 of each character per month. This meant that customers would have to wait for their new favorite toy to come in stock. And, again, it worked.
A popular magazine about Beanie Babies – named Mary Beth’s Beanie World – helped to contribute to the frenzy. The publication featured information on the latest Beanie Babies, price guides, and speculations on future resale value predictions. By suggesting these toys would appreciate over time, and with an incredible 600,000 readers at its peak, the magazine helped proliferate an engaged community of Beanie fans.
A combination of FOMO (fear of missing out), speculation, urgency, and community are what boosted Beanie Babies’ initial success. And keeping these ideas alive is necessary for any brand looking to succeed with this marketing strategy.
The idea of manufacturing rarity has worked for as long as consumerism has existed with short supplies driving up prices. And in 2024, plenty of brands are cashing in on the practice.
Let’s take a look at some more recent examples of how scarce stock has driven consumers wild.
When scarcity succeeds
A brilliant example of this is with beverage company PRIME. Pioneered by influencers Logan Paul and KSI, the products skyrocketed to fame not long after being released, but customers outside of the US found it hard to find the drinks.
According the Brandwatch, there have been over 38k mentions about the scarcity of PRIME drinks since the companies’ conception.
