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Experiences Bring More Happiness Than Material Goods, Study Finds

By Odunmorayo Oke
09 August 2024   |   5:08 pm
Most people have experienced the fading excitement after splurging on a new outfit or the latest tech gadget. But what if there was a scientifically proven way to find more joy and satisfaction in our purchases? A study published in the Journal of Experimental Social Psychology suggests that investing in experiences, rather than material goods,…
The globe. Photo – Pexels / Nastyasensei

Most people have experienced the fading excitement after splurging on a new outfit or the latest tech gadget. But what if there was a scientifically proven way to find more joy and satisfaction in our purchases?

A study published in the Journal of Experimental Social Psychology suggests that investing in experiences, rather than material goods, maybe the secret to lasting happiness.

What the research found

Experiences
Group of people having a meal together. Photo – Pexels / cottonbro

The researchers recruited over 2,600 adults and kept up with them throughout the day. They were asked about their recent purchases and current mood. The results were clear. Those who had spent money on experiences like dining out, attending events, or traveling, reported significantly higher levels of happiness. Compared to those who had made material purchases, even when the costs were equivalent.

“Experiences thus appear to be a more promising route to enhancing well-being than possessions. Irrespective of when happiness is measured,” the study authors conclude.

Benefits of choosing experiences over material goods

Experiences
China. Photo – Pexels / Minan

So what makes experiences such a fulfilling investment? For starters, they tend to be more closely tied to our sense of self and create lasting memories. Buying a new shirt may provide a temporary mood boost, but the thrill quickly wears off. On the other hand, the anticipation of an upcoming trip, the excitement of a live concert, or the laughter at a night out with friends, can continue to bring us happiness long after the experience has ended.

Also, experiences promote personal growth and allow us to create meaningful connections. Planning a weekend getaway with loved ones, for instance, can strengthen bonds and provide opportunities for new adventures and shared experiences. In contrast, material purchases are often more isolating and self-focused.

The research suggests that the happiness derived from experiences comes not just from the anticipation and remembrance of the event. But also from the in-the-moment enjoyment during the experience itself.

“It would be unfair to compare a shirt to a trip, but when we account for price, we still see this result where experiences are associated with more happiness,” explains Amit Kumar, the study’s lead author and an assistant professor of marketing at the University of Texas at Austin.

The findings align with other studies that show that people generally find more fulfillment in spending their money on experiences, rather than material goods. This is likely because experiences are more closely tied to one’s sense of self and the creation of memories.

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A neutral ground

Of course, people have different priorities and preferences when it comes to how they choose to spend their hard-earned money. Some may find greater happiness in purchasing the latest gadget or piece of clothing, while others may prioritise saving up for a dream vacation or concert tickets.

The possibilities are endless, and the benefits go far beyond just a temporary mood boost. By prioritising experiences over stuff, you may just find the fulfillment and joy you’ve been seeking.

Finally, the study suggests that for many people, investing in experiences rather than material possessions may be a more rewarding way to heightened happiness and well-being.

So the next time you’re tempted to make a material purchase, pause and ask yourself: will this bring me lasting happiness, or is there an experience I could invest in instead?

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