The asymmetric connection between money and material vs. experiential purchases. Issue 6 (1st November 2016)

• Record Type: Journal Article
• Authors: Mann, Thomas C.; Gilovich, Thomas
• Is Part Of: Journal of positive psychology. Volume 11:Issue 6(2016)
• Page Start: 647
• Page End: 658
• Publication Date: 2016-11-01
• Subjects: experiential purchases -- material purchases -- money -- happiness -- consumer behavior; Positive psychology -- Periodicals; Quality of life -- Psychological aspects -- Periodicals; Happiness -- Psychological aspects -- Periodicals; 158
• DOI: 10.1080/17439760.2016.1152594
• Languages: English
• ISSNs: 1743-9760

Abstract

Abstract : We examined the relationship between having a monetary mindset and the pursuit of material goods over experiences and found that people tend to think of their material purchases more in monetary terms than their experiential purchases. Purchase price correlated more highly with participants' satisfaction with their material goods than their experiences (Study 1) and participants reported that the amount spent on significant components of a purchase (Study 2) would have more impact on their satisfaction with material goods than with experiences, as would a change in purchase price (Study 3). When the same purchase (a 3D TV) was framed in material terms (vs. experiential terms), participants reported that a price change would have a greater impact on their satisfaction. These findings suggest experiences suffer less than material possessions from the extrinsic psychology that comes with thinking about purchases in monetary terms.