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Abstract Fear of missing out (FOMO) is an emerging topic in consumer psychology. However, the theoretical foundations of FOMO are underdeveloped and extant FOMO scales confine the construct to the context of social media. Without a theoretical foundation and a new FOMO scale, the future development of research on this promising phenomenon is limited. This article provides a new conceptualization of FOMO and a new FOMO scale. Using self‐concept theory, the authors propose that FOMO is an emotional response to perceived psychological threats to one's self‐concept. Because the self‐concept involves a private and a public self, FOMO involves two dimensions: a personal FOMO and a social FOMO. Accordingly, a new scale was developed. The results of four studies support the validity and reliability of the two‐dimensional scale. This new conceptualization and scale will enable consumer researchers to examine FOMO in a broader set of contexts, test the relationship between FOMO and related constructs, and develop a nomological network around the construct.
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