Consumers are happier when they spend on experiential purchases versus material ones.
According to a new research from the McCombs School of Business at the University of Texas at Austin, the research team found that consumers are happier when they spend on experiential purchases versus material ones.
The paper spending on doing promotes more moment to moment happiness than spending on having is published in the May 2020 issue of the Journal of Experimental social psychology.
One issue that hasn’t been researched much is what happens in the here and now are we happier spending our money on an experience or on a material item. The basic finding from a lot of experiments is that people derive more happiness from their experiences than from their possessions.
The research team recruited 2635 adults who were randomly assigned to material or experiential group. The participants were sent random text during the day to monitor their emotions and their purchasing behaviour.
Material purchases, bought things such as jewellery clothing or furniture, whilst experiential shoppers attended sporting events, dine at restaurants or engaged in other experiences.
The results? Happiness was higher for participants who consumed experiential purchases fetches material ones in every category, regardless of the cost of the item.
To address possible differences in the types of consumers, the researchers conducted a second study, in which they asked more than 5000 participants to first rate their happiness, and then report whether they had used enjoyed or consumed either a material or experiential purchase within the past hour.
If they responded, yes, participants were asked a series of questions and details about their purchase. The research has concluded that people are happier with experiential purchases over material ones irrespective of whether you measure the happiness before, during or after consumption.
Experiences also provoke more satisfaction even though people typically spend more time using their material possessions. The research has said a possible explanation is the endurance of experiences in people’s memories, whilst the perceived value of material goods weakens over time.
So if you want to spend your money to maintain good mental health, go for experiences before stuff. In fact, one of the best ways to improve your mental health in the long term is to hire me as your coach!
#stoicism #happiness #mone