This research explores consumer loneliness and its resulting preference for mnemonic features as the psychological antecedents of social media use and studies its consequence on consumer behavior. To test our hypotheses, we conducted a survey with a large sample (N = 1307) and analyzed the data using PLS structural equation modeling method. We show that individuals with higher (vs. lower) feelings of loneliness show a lower (vs. higher) affinity to mnemonic features of social media platforms, making them more likely to use Snapchat (vs. Facebook). This effect persists after controlling for demographic factors (such as age and gender) and other known motivations behind social media choice. These two groups of social media users also exhibit different types of consumer behavior resulting from their underlying affinity to mnemonic features. Snapchat users tend to be more variety‐seeking and prefer newer brands (vs. established brands) than Facebook users. Our research contributes to the literature on the adoption of social media platforms by studying an important individual difference variable and integrating the concept of mnemonic features of social media as a key driving factor in that choice. The findings can give managers essential insights into the usership of social media platforms and help them select the right platform for their social media campaigns.