What is meant by the term bandwagon effect?
The bandwagon effect is a cognitive bias because of which people do something to copy others who are doing it. Regardless of their convictions, people follow others. For example, a bandwagon effect is seen in financial markets when the markets are bullish or when asset bubbles like housing bubble are booming.
With time, the term is used to influence people to be a part of a political or consumption trend. It simply means that if so many people do it, it should be acceptable or even good. The prevalent trends overpower the personal opinion of an individual regarding the matter.
Herd mentality is another term used to describe the bandwagon effect. Similar effects are seen in the term “groupthink." Both the terms also imply individuals aligning their beliefs to that of a group.
- The bandwagon effect is a cognitive bias because of which people do something to copy others who are doing it.
- Herd mentality and groupthink work on the bandwagon effect.
Frequently Asked Questions (FAQs)
How did the term evolve?