The mediators of experiential purchases: Determining the impact of psychological needs satisfaction and social comparison

Abstract

Once basic needs are satisfied, the relation between income and subjective well-being is small, and materialism leads to diminished well-being. This study attempts to determine: (1) whether experiential purchases, as opposed to materialistic purchases, are likely to increase well-being and (2) whether these increases are likely to be due to increased satisfaction of psychological needs and/or decreased social comparison. Participants indicated that experiential purchases represented money better spent, brought more happiness to themselves, and brought more happiness to others. Path models demonstrated that experiential purchases had an indirect effect on one's well-being through two independent paths: (1) increased relatedness, which then led to increased vitality, and (2) decreased social comparison. Discussion focuses on why vitality and social comparison affect well-being.

The association between experiential and material expenditures and subjective well-being: New evidence from Hungarian survey data

“…This result was confirmed by numerous studies that used the same experimental methodology (Caprariello & Reis, 2010Carter & Gilovich, 2010Howell & Hill, 2009;Millar & Thomas, 2009;Nicolao, Irwin, & Goodman, 2009;Rosenzweig & Gilovich, 2012;Thomas & Millar, 2013).…”

“…First of all, material goods tend to be more comparative than experiences (Carter & Gilovich, 2010;Howell & Hill, 2009;Rosenzweig & Gilovich, 2012); they are more interchangeable, thus it is easier to find competing alternatives. The ease of comparing material goods is especially stressed in the retrospect, when the forgone options are more important in the evaluation of material goods than they are in the evaluation of experiences.…”

“…In addition to the increase in well-being that living through an experience provides, it is also a pleasure to tell the story to our friends. Merely remembering and thinking about an experience brings satisfaction and can foster and improve our social relationships (Howell & Hill, 2009;Van Boven & Gilovich, 2003), which are themselves essential to happiness (Demır & Weitekamp, 2007;Dolan, Peasgood, & White, 2008;Helliwell & Putnam, 2004). People are not only more likely to talk about their experiential purchases than material ones , but they also enjoy conversations about experiences more than ones about material purchases because stories about experiences are more likely to have a narrative structure and can lead to more interesting, engaging conversations (Van Boven, 2005;Van Boven et al, 2010).…”

Purchases and Wellbeing of Older and Younger Adults in Tomsk

“…Moreover, consumers can derive utility from anticipation itself, and its value is greater for experiential purchases. Howell & Hill (2009) suggest another reason. When the basic needs are met the significant increase in wellbeing may be achieved only by fulfillment of higher-order psychological needs; and it is experiential purchase that helps to do this.…”

Experiential Hospitality Environments: The Roles of the Interior Architectural Features in Affording Meanings of Place

“…Howell believes this can be explained for a feeling of intimacy with others -getting closer to family and friends -may be one of the reasons why experiences led to more happiness. Another reason experiences generate more happiness can be because people felt more alive or a greater sense of vitality during the experiential activity (Howell, 2009). …”