Let’s say that you recently came into a bit of money. What would you do with it? Would you rather buy a bunch of high quality gadgets and products, or go on an expensive vacation to a unique and exciting locale?
Luckily, the question has been answered by science. According to San Francisco State University, people are far more satisfied when they purchase experiences, than they are when they buy material objects.
While most people keep spending their hard earned money on things like clothes, shoes, gadgets, jewellery, cars, and the like – what that study reveals, however, is that in the long run, we cherish our memories and experiences far more than the things that we buy.
And it makes sense. Decades from now, will you remember your cross country trip that took you to the Grand Canyon, or that Xbox you waited in line for all night?
Let’s break it down into simpler points. Why exactly are people who buy experiences, rather than objects, happier?
1. They have plenty of memories to fall back on.
Professor Thomas Gilovich out of Cornell said that while new things are “exciting to us at first,” they quickly become blasé. Soon, they’re just a mundane part of our daily existence that adds little if anything to the amount of joy we feel on a daily basis.
We’ve all felt this with our smartphone purchases. For the first few weeks, they’re so amazing that you just can’t stop using them. You do everything on them: text, e-mail, web browsing, e-reading, and more. In about a month, though, you get used to it. You start treating it like a “thing,” rather than something that actively brings you happiness.
Those who spend the majority of their income on experiences, however, don’t have this problem. While they may not have the latest smartphone, they are likely more well-travelled, and thus have far more life experience. While others need to keep buying new products to keep their spirits up, those who buy experiences can always fall back on their good memories when they need to. It’s much like comparing a sugar rush to a good nap. One is more instantaneous, but the other has more lasting benefits.
2. They reap the long-term benefits.
A lot of us have grown up during an economic recession. As such, we haven’t had the luxury of being able to spend what little money we have on objects with fleeting value. Instead, we’ve been focusing on long-term investments like higher education and travel.
Many college students chose to save their money for travelling abroad, or to make student loan payments, rather than splurge on alcohol or other purchases typical of young adults.
Not only does this save resources in the long run, but it allows us to forge an identity in a world where it’s becoming harder and harder to find one’s place. And doing so, according to researchers, is a crucial aspect of growing up in today’s world.
3. They share their experiences with others.
Even introverts will admit to feeling happier with a bit of social interaction now and then. Additionally, conversing with others is always more fun when you get to recount some kind of unique experience to them. Indeed, Peter Caprariello and Harry Reis examined this phenomenon in a 2013 study published in the Journal of Personality and Social Psychology. What it found, essentially, was that experiences make us happier because we get to share our memories with others. Buying objects leaves us feeling more hollow because they are normally things that we use by ourselves.
It’s probably why, in one study, researchers found that those anticipating an experience (like waiting in line to see a play), rather than the purchase of an object (like waiting in line to buy an iPhone), were found to be much happier. It’s because they knew they were going to experience something that they could share with other people.
While it’s obviously impossible to completely stop buying material objects, we can stop basing our happiness in terms of how many nice things we own. As these studies show, what truly brings us enjoyment and fulfilment in the end are our experiences, and the resulting memories that we get to share with our family and friends.
Source: lifehack.org