There's a science to your happiness and experiences take the cake
Studies have shown that we are increasingly favouring purchases for experiences over material goods and there are good reasons for that.
Happiness that lasts longer
Material purchases provide us with immediate gratification and while these new things are exciting at first, they tend to fade away quickly as they become a part of our daily lives. On the other hand, experiential purchases tend to stay with us for longer - in most cases even becoming a part of who we are. Experiences like your first concert stay in your memory for a lifetime and can even sweeten over time. While even bad experiences can have a silver lining and become warm or amusing stories when retold.
Identity, connection and social behaviour
It’s no wonder that we bond better with people over experiences like a recent holiday or a shared interest in music or sport, over a new product they’ve just bought. Experiences and the sharing of it with one another have deep ties with our identity, connection and social behaviour. Discussions on experiences tend to have more depth and we are drawn to that over superficial topics.
Experiential purchases aren’t just defined by a single really good moment. Instead, it is often made up of a number of tiny experiences leading up to the actual event. When you see your favourite artist in concert, it’s the buildup of anticipation that contributes to the excitement. From when they first make the announcement, to waiting for ticket sales to open, to finally counting down the days to the actual day.
Broadens your mind
Whether you’re taking a trip to a foreign country or discovering your new favourite artist at a festival, there’s no doubt that these experiences broaden your mind and enriches your life. You can meet new people, experience new sensations, learn new lessons and have your perceptions changed. Whatever it is, I’m sure we can all agree that experiences can shape who we are and broaden our horizons.
What are your thoughts on experiential purchases over material ones, and are there any upcoming experiences you're looking forward to? We'd love to hear from you!