Buying experiences more important than possessionsStaff writer ▼ |
A new psychology study at San Francisco State University suggests that buying life experiences rather than a material good leads to greater happiness for both the consumer and those around them.
The study demonstrates that experiential purchases, such as a meal out or theater tickets, result in increased well-being because they satisfy higher order needs, specifically the need for social connectedness and vitality - a feeling of being alive. "These findings support an extension of basic need theory, where purchases that increase psychological need satisfaction will produce the greatest well-being," said Ryan Howell, assistant professor of psychology at San Francisco State University.
Participants in the study were asked to write reflections and answer questions about their recent purchases. Participants indicated that experiential purchases represented money better spent and greater happiness for both themselves and others. The results also indicate that experiences produce more happiness regardless of the amount spent or the income of the consumer.
Experiences also lead to longer-term satisfaction. "Purchased experiences provide memory capital. We don't tend to get bored of happy memories like we do with a material object. People still believe that more money will make them happy, even though 35 years of research has suggested the opposite. Maybe this belief has held because money is making some people happy some of the time, at least when they spend it on life experiences," Howell said.
"The mediators of experiential purchases: Determining the impact of psychological need satisfaction" was conducted by Ryan Howell, assistant professor of psychology at San Francisco State University and SF State graduate Graham Hill. ■