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Experiential or Material Purchases? Social Class Determines Purchase Happiness
Jacob C Lee1, Deborah L Hall2, Wendy Wood3,4,5
11 School of Business Administration, Ulsan National Institute of Science and Technology (UNIST), Ulsan, Korea.
Psychological Science
|May 25, 2018
Summary
People with more resources are happier buying experiences, while those with fewer resources benefit more from material goods. Happiness from purchases depends on individual financial circumstances.
Area of Science:
- Psychology
- Behavioral Economics
Background:
- Consumer behavior research often explores factors influencing happiness.
- The distinction between experiential and material purchases is a key area of interest.
Purpose of the Study:
- To investigate how social class and resource availability influence the happiness derived from experiential versus material purchases.
Main Methods:
- Multiple studies utilizing diverse methodologies.
- Analysis of purchasing decisions and self-reported happiness across different social classes.
Main Results:
- Higher social class individuals reported greater happiness from experiential purchases compared to material goods.
- Lower social class individuals did not show an experiential advantage, with some reporting greater happiness from material goods or equal happiness from both.
Conclusions:
- The impact of purchase type on happiness is moderated by an individual's socioeconomic status and available resources.
- Resource scarcity influences decision-making towards practical or financially prudent choices, affecting happiness outcomes.
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