Life experiences bring greater happiness than material possessions,a new study reveals.
The study, conducted by researchers at San Francisco State University, has shown that experiential purchases result in increased well-being because they satisfy higher order needs, specifically the need for social connectedness and vitality - a feeling of being alive.
''These findings support an extension of basic need theory, where purchases that increase psychological need satisfaction will produce the greatest well-being,'' said Ryan Howell, assistant professor of psychology at San Francisco State University.
In the study, the researchers asked the participants write reflections and answer questions about their recent purchases.
Participants indicated that experiential purchases represented money better spent and greater happiness for both themselves and others.
The results also indicate that experiences produce more happiness regardless of the amount spent or the income of the consumer.
Experiences also lead to longer-term satisfaction.
''Purchased experiences provide memory capital. We don't tend to get bored of happy memories like we do with a material object,'' Howell said.
''People still believe that more money will make them happy, even though 35 years of research has suggested the opposite. Maybe this belief has held because money is making some people happy some of the time, at least when they spend it on life experiences,'' Howell added.
The findings were presented at the Society for Personality and Social Psychology annual meeting on Feb. 7.