Consumers found that satisfaction with "experiential purchases" – from massages to family vacations – starts high and increases over time. In contrast, spending money on material things feels good at first, but actually makes people less happy in the end, says Thomas Gilovich, Cornell University professor of psychology and Travis J. Carter, Cornell Ph.D. '10.
When it comes to material things, Gilovich and Carter found shoppers often second-guess their original buying decisions, comparing what they bought to other people's purchases – or to better deals they missed.
But buying experiences provides greater satisfaction as time goes on, in part because of selective memory and because a consumer's experience is highly subjective, making it much harder to make negative comparisons. Consumers also find it easier to decide on experiences, spending money on the first option that meets a set of expectations rather than painstakingly comparing all options.
Still, there is hope for makers of CDs and flat-screen televisions. The research found that how people view a purchase – as an expensive boxed-set or as hours of enjoyable music – also influenced their level of satisfaction.
The original paper, "The Relative Relativity of Material and Experiential Purchases," appeared in the January 2010 issue of the American Psychological Association's Journal of Personality and Social Psychology. Carter is now conducting post-doctoral work at the University of Chicago. The National Science Foundation funded the research.
John Carberry | EurekAlert!
Drone vs. truck deliveries: Which create less carbon pollution?
31.05.2017 | University of Washington
New study: How does Europe become a leading player for software and IT services?
03.04.2017 | Fraunhofer-Institut für System- und Innovationsforschung (ISI)
An international team of scientists has proposed a new multi-disciplinary approach in which an array of new technologies will allow us to map biodiversity and the risks that wildlife is facing at the scale of whole landscapes. The findings are published in Nature Ecology and Evolution. This international research is led by the Kunming Institute of Zoology from China, University of East Anglia, University of Leicester and the Leibniz Institute for Zoo and Wildlife Research.
Using a combination of satellite and ground data, the team proposes that it is now possible to map biodiversity with an accuracy that has not been previously...
Heatwaves in the Arctic, longer periods of vegetation in Europe, severe floods in West Africa – starting in 2021, scientists want to explore the emissions of the greenhouse gas methane with the German-French satellite MERLIN. This is made possible by a new robust laser system of the Fraunhofer Institute for Laser Technology ILT in Aachen, which achieves unprecedented measurement accuracy.
Methane is primarily the result of the decomposition of organic matter. The gas has a 25 times greater warming potential than carbon dioxide, but is not as...
Hydrogen is regarded as the energy source of the future: It is produced with solar power and can be used to generate heat and electricity in fuel cells. Empa researchers have now succeeded in decoding the movement of hydrogen ions in crystals – a key step towards more efficient energy conversion in the hydrogen industry of tomorrow.
As charge carriers, electrons and ions play the leading role in electrochemical energy storage devices and converters such as batteries and fuel cells. Proton...
Scientists from the Excellence Cluster Universe at the Ludwig-Maximilians-Universität Munich have establised "Cosmowebportal", a unique data centre for cosmological simulations located at the Leibniz Supercomputing Centre (LRZ) of the Bavarian Academy of Sciences. The complete results of a series of large hydrodynamical cosmological simulations are available, with data volumes typically exceeding several hundred terabytes. Scientists worldwide can interactively explore these complex simulations via a web interface and directly access the results.
With current telescopes, scientists can observe our Universe’s galaxies and galaxy clusters and their distribution along an invisible cosmic web. From the...
Temperature measurements possible even on the smallest scale / Molecular ruby for use in material sciences, biology, and medicine
Chemists at Johannes Gutenberg University Mainz (JGU) in cooperation with researchers of the German Federal Institute for Materials Research and Testing (BAM)...
19.06.2017 | Event News
13.06.2017 | Event News
13.06.2017 | Event News
27.06.2017 | Physics and Astronomy
27.06.2017 | Life Sciences
27.06.2017 | Earth Sciences