Experiential or Material Purchases? Social Class Determines Purchase Happiness. (July 2018)

• Record Type: Journal Article
• Authors: Lee, Jacob C.; Hall, Deborah L.; Wood, Wendy
• Is Part Of: Psychological science. Volume 29:Number 7(2018)
• Page Start: 1031
• Page End: 1039
• Publication Date: 2018-07
• Subjects: social class -- happiness -- experiential purchases -- material purchases -- socioeconomic status -- open data -- open materials -- preregistered; Psychology -- Periodicals; 150.5
• DOI: 10.1177/0956797617736386
• Languages: English
• ISSNs: 0956-7976

Abstract

Which should people buy to make themselves happy: experiences or material goods? The answer depends in part on the level of resources already available in their lives. Across multiple studies using a range of methodologies, we found that individuals of higher social class, whose abundant resources make it possible to focus on self-development and self-expression, were made happier by experiential over material purchases. No such experiential advantage emerged for individuals of lower social class, whose lesser resources engender concern with resource management and wise use of limited finances. Instead, lower-class individuals were made happier from material purchases or were equally happy from experiential and material purchases.