The Silly Bandz Phenomenon
In 2008, Silly Bandz were released in the United States. Today they are one of the most popular fashion accessories amongst all ages and social groups. The cause of this rapid growth was information cascading. “The most interesting thing about this phenomenon is that it’s 100 percent viral. There’s no marketing.’’ -Michael Lewis, the CEO of Forever Collectibles. There was very limited marketing of Silly Bandz and similar products when they were first released, yet they exploded in popularity. This was due to the susceptibility of children to fads. As a few kids got Silly Bandz, they told their friends about them and they told their friends, eventually the bands spread began spreading like wildfire. “I really don’t know why I like them, I figured other people liked them.’ -Casey, 10. This quote shows that many kids bought Silly Bandz because other people liked them, not because they themselves liked them. This is characteristic of an information cascade.
Sellers of Silly Bandz should be confident that this trend wont go away easily. Because they are so popular right now, a dip in popularity is less likely to create an information cascade in the opposite direction.