If you had a lot of money, what would you spend it on? Think twice about that new iPhone, as science now says that you'd be better off paying for an experience that lasts a little while rather than an object that lasts longer.
The idea that buying experiences is more satisfying than buying material things has been expressed for a long time by Cornell psychology professor Thomas Gilovich. In a recent journal of Psychological. Science, Amit Kumar supported the current understanding that spending money on experiences “provides more enduring happiness”, both before and after the purchase is made.
“You can think about waiting for a delicious meal at a nice restaurant or looking forward to a vacation,” Kumar said, “and how different that feels from waiting for you pre-ordered iPhone to arrive.”
You might also compare the bad behavior of people who are waiting in line to buy material items and the better behavior of those who are waiting for a concert. People might' talk to each other about what songs the band is going to play, for example, so there is opportunity to connect with other people.
Research has also found that people tend to be more generous to others when they've just thought about the purchase of an experience as opposed to a material purchase. They're also more likely to take part in social activities.
What is it about imagining experiences that's different from thinking about future material purchases? Well, one interesting idea says that you can imagine all sorts of possibilities for what an experience is going to be.
A good plan for getting the most out of purchasing an experience may be to plan it far in advance. Thinking about it for days, weeks or even years only makes the experience more valuable. So it may also be time to stop those impulse buys if you want to be happy.
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