To have in order to do: Exploring the effects of consuming experiential products on well‐being

Abstract

The experience recommendationif you want to be happier, buy life experiences instead of material itemsis supported in empirical research. However, this evidence is primarily based on the dichotomous comparison of material items and life experiences. The goal of this article is to examine the effects of consuming experiential productspurchases that fall between material items and life experienceson well-being. Study 1 and Study 2 demonstrate that experiential products provide similar levels of well-being compared to life experiences and more well-being than material items. Study 3 replicates this finding for purchases that turn out well. In addition, Study 3 shows experiential products, when compared to life experiences, lead to more feelings of competence but less feelings of relatedness, which explains why these two purchases result in similar levels of well-being. We discuss why experiential products and life experiences lead to psychological need satisfaction and how our results support the Positive-Activity Model, Self-Determination Theory, and Holbrook and Hirschman's hedonic consumption framework.

Smart City Development and Residents’ Well-Being

“…On the one hand, the mastery and rapid operation of SISS will bring them confidence and a sense of accomplishment, which will improve their self-efficacy and behavioral initiative by enhancing self-association [65,66]. In this way, residents' need for autonomy and competence will be better satisfied, and their happiness will be improved [67]. On the other hand, an effective convenience experience will help residents save time and effort in accessing information and services based on SISS [24,63,68], which allows them to have more time and energy to engage in social interactions and interpersonal communication than before.…”

Value Paradoxes and the Time Value of Value

“…Pchelin and Howell (2014) assert that people adapt slower to purchased experiences such as travel and event admission than they do to material purchases, which is supported by empirical data (Van Boven andGilovich 2003, Kumar et al 2014). Guevarra and Howell (2015) found an exception: "experiential items" (such as books, musical instruments, and sports equipment) have similar impact on SWB as purchased experiences (and greater impact than "material items" such as clothing, jewelry, and home décor). The time value model has especial ramifications for service science researchers, suggesting that they can be more precise about what type of value is being referenced or studied.…”

Building a science of spending: Lessons from the past and directions for the future

“…Fortunately, researchers have figured out how to embrace the fuzzy boundary between experiential and material purchases (e.g., Guevarra & Howell, 2014). One of our favorite manipulations in this literature capitalizes on the ambiguity of the material/experiential distinction by randomly assigning people to think of the very same purchase, such as a boxed set of music, as either a possession or an experience (Carter & Gilovich, 2010, 2012; Mann & Gilovich, in preparation; Rosenzweig & Gilovich, 2012).…”