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The study you completed tests our prediction that prioritizing economic value when making spending decisions leads to people buying material items whereas prioritizing happiness when making spending decisions leads to people buying life experiences. In this study we asked you to imagine facing four buying decisions, each between a material and experiential purchase. However, we instructed half of you to make your decisions based on maximizing your economic value from your purchases (i.e., select the purchases you believe will allow you to say “this was the best use of my money”) while we instructed the other half of the you to select your purchases based on maximizing your happiness in life (i.e., select the purchases you believe will allow you to say “this purchase increased my happiness in life the most”). In the graph below, from the four pairs of material items and life experience, we report the proportion of life experiences selected. The proportion of life experienced you selected is represented by the green bar. The proportion of life experiences selected by those who were instructed to maximize their economic value is represented by the brown bar whereas the proportion of life experiences selected by those who were instructed to maximize their happiness is represented by the orange bar. Do you think you should spend more money on experiences and less on material items? If so, here is our advice:
To learn more about your experiential consumption habits, take the Experiential Buying Tendency Scale To learn more about experiential purchasing, you can read this CNN article. Do you have ideas on improving this study? Or did you encounter any difficulties in answering the questions? Click here to send a message to the creators of this study. Learn more about your happiness and spending habits! |
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Recent Media Mentions
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