As the holidays quickly approach, some of you have already procured all the gifts for your entire family. But the vast majority of us are about to enter the mad scramble to try and hit the deal days perfectly to buy what we need for the best price. It may interest you and cause you to pause those plans to learn of some research stating that “people derive more satisfaction from experiential purchases than material purchases, both in prospect and retrospect.” In other words, the research shows that people find more happiness in enjoying travel, entertainment, activities, and meals out than from purchasing clothing, jewelry, furniture, and gadgets. Several studies previously conducted discuss how our memories of these experiences allow us to relive the happy moments over and over. A study conducted by Amit Kumar, Matthew A. Killingsworth, and Thomas Gilovich, concluded that not only do experiences allow our happiness to last longer as in other studies, but that the “in-the-moment” happiness produced by experiences was greater than that of material possessions. So before you fill up that Black Friday shopping cart, maybe take some time to think if there are any loved ones on your list that might benefit more from a well-planned experiential gift who’s memories will live on even after the holidays have passed.
Amit Kumar, Matthew A. Killingsworth, Thomas Gilovich,
Spending on doing promotes more moment-to-moment happiness than spending on having,
Journal of Experimental Social Psychology,
Volume 88,
2020,
103971,
ISSN 0022-1031,
https://doi.org/10.1016/j.jesp.2020.103971.
(https://www.sciencedirect.com/science/article/pii/S0022103119305256)