"More than a third of Americans admit their spending habits have been influenced by images and experiences shared by their friends on social media and confess they spend more than they can afford to avoid missing out on the fun, according to Schwab’s 2019 Modern Wealth Index Survey, an annual examination of how 1,000 Americans think about saving, spending, investing and wealth.
Survey respondents place blame on social media platforms and not people—they rank social media as the biggest “bad” influence when it comes to how they manage their money, while they put friends and family at the top of “good” influences." …
https://www.aboutschwab.com/modernwealth2019
^^Why is that any different than tv or magazine advertising??? Marketing temptations have been around forever. It’s just the new “top” way if it is indeed “top”.
This is the difference: “According to the survey, three in five Americans pay more attention to how their friends spend compared to how they save, with an equal number saying they’re at a loss to understand how their friends are able to afford the expensive vacations and trendy restaurant meals they portray on social media.”
In a magazine or ad, you’re just seeing the product. With social media, you’re seeing not only the product, but which of your friends have bought it, and when, and also experiences (vacations, etc) are a huge part of it. In the past we might know where our best friends went on vacation, and that was it. Now through social media, we know where ALL of our acquaintances are on vacation, and how often, and where, and the highlights.