When it comes to spending money, we want the biggest bang for our buck. For most of us, bang for buck equates to how much happiness we get in exchange for the purchase.
In a this consumer-focused experience we call life, advertising everywhere tells us it's possible to buy our way to happiness by acquiring more stuff. The bigger, shiner, more expensive the stuff, the greater the hit of happiness.
But research is telling a different story. The story goes like this; if you want the happiest outcome, invest in experiential purchases, not stuff.
Experiential purchases don't get old
Familiarity is responsible for slowly killing the happiness buzz we felt when we took our new iPhone out of it's box. Material stuff just doesn't hold the same thrill once we get used to it. In the same way a new and exciting relationship sinks into a comfortable, repetitive cycle, the fate of our favourite gadget is the same when we've seen it day in and day out.
A holiday though, the fleeting break from the 9 to 5 grind, has no time to get old because it exists in time, in moments and then memories, rather than a case of plastic and a screen. The holiday may be over before we know it but we return to it in our minds, joyfully recalling the happy moments; cocktails by the pool, an amazing beachside dinner. The intangible quality of the experience is what makes it so special.
Meanwhile, the once-prized iPhone 7 lies dismissed at the bottom of our bag as we Google the release date of the iPhone 8.
We are the sum of our experiences, not the sum of our shoe collection
As much as you love your new car right now, it's never going to be part of you. Experiences however, even small ones, have the ability to shape how we see the world and our place in it. Investing in a personal development retreat can be a life-changing experience, buying a new wallet probably won't be. Even not so great experiences can be viewed as character-building moments or a funny story to share given time.
Avoid the comparison trap
Buying an experience can help elude the anxiety that can come with comparing similar objects. For example, it's easy to compare different brands of smart phones. After making our purchase, we may feel regret when we compare it directly with a friend's phone that has better features. Enjoying an experience, living in a moment that can't be repeated in the same way again, relieves us of the anxiety and disappointment of comparison.
Experiences connect with our sense of self
Experiential purchases are more closely linked to our sense of self than material purchases. Enrolling in a cooking class on Thai cuisine highlights a personal enjoyment in Thai food and the desire to learn how to cook it well. Buying a new, expensive dining table says less about who we are and what we enjoy. Others can glean more insight into our individual personalities and preferences by the experiential purchases we make, rather than the material ones.
Building an "experiential CV"
Spending our hard-earned cash to build an "experiential CV", a collection of unique life experiences, is increasing the preference over buying actual stuff. Dining at a Michelin three-star restaurant, trekking the Appalachian trail, or being part of the crowd at a World Cup final; these novel experiences satisfy, challenge and excite us. They become stories we will recount years later. The bang for buck on the happiness scale from these purchases just keeps coming.
Stronger social bonds
There's a strong social aspect of shared experiences, too. Buying a new watch is more of a solo endeavour than bungee jumping with your best friend. Shared experiences are an opportunity to foster a sense of social connection and research shows those with strong social connections are happier and live longer. It can help form new bonds socially too, as it's more likely you'll enjoy a conversation with a stranger who has taken a similar backpacking trip through South America as you, than someone who owns the same car.
There's no doubt buying material items brings an immediate and delightful rush. But if your looking for a longer-lasting rating on the happiness scale, choose the holiday not the 70-inch plasma.
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