Lecture 9: Consumption and Happiness Flashcards
What is materialism?
- The importance a consumer attaches to, and extent to which the consumer is focused on acquiring, worldly possessions
What is an example of a measurement scale of materialism?
- Material Values Scale (Richards & Dawson, 1992)
What are higher levels of materialism associated with?
o Higher levels of compulsive buying (e.g. Compulsive Shopping Disorder)
o Lower levels of psychological adjustment and social functioning
♣ Higher levels of anxiety and depression
♣ Less happiness in relationships and fewer close, satisfying relationships
o Higher levels of unhappiness
What are experiential purchases?
- Purchases made with the intention of acquiring a life experience
o E.g. Travel, going to a concert, skiing
What are material purchases?
- Purchases made with the intention of acquiring a material good
o E.g. Watch, clothes, computer
Van Boven and Gilovich (2003) ran 3 studies examining whether experiences or possessions make people happier. In Study 1, they had uni students describe and evaluate the most recent purchase they had made for more than $100.
What kinds of responses did the students consider to be material or experiential?
- Clothing and TVs were among the responses considered by most to be material
- Travel and concert tickets were among the responses considered by most to be experiential
Van Boven and Gilovich (2003) ran 3 studies examining whether experiences or possessions make people happier. In Study 1, they had uni students describe and evaluate the most recent purchase they had made for more than $100.
Which type of purchase was reported to make the students happier?
o Results: Participants reported that experiential purchases made them happier than material purchases
♣ Felt their money had been better spent (made a better investment)
Van Boven and Gilovich (2003) ran 3 studies examining whether experiences or possessions make people happier. In Study 2, they had a community sample (large national phone survey, N = 1279) do what?
o Subjects were asked to:
♣ Think about an experiential and material purchase they had made during their lifetime
♣ Report which purchase makes them happier (could choose “unsure”)
Van Boven and Gilovich (2003) ran 3 studies examining whether experiences or possessions make people happier. In Study 2, what results concerning material and experiential purchases were found with their community sample?
♣ Overall, 57% said that the experiential purchase made them happier than the material purchase
• 34% thought the material purchase had made them happier
♣ The effect held across different demographic groups
• Effect was waker among lower-income groups
o Question is only relevant if person has some discretionary income
Van Boven and Gilovich (2003) ran 3 studies examining whether experiences or possessions make people happier. What did they conclude?
- Conclusion:
o Happiness from consumption depends on what people buy and consume
o Consumers should invest more in consumption experiences as opposed to material possessions
o Government should take experiences seriously
♣ Setting up the community to enable people to have experiences
• E.g. Through community art centres
What are the 4 reasons why experiential purchases make us happier than material purchases?
- Compared to material purchases, experiential purchases are:
o More effective at promoting social relations and connections
o More likely to be incorporated into the self-concept
o Less likely to trigger social comparisons
o Less likely to be appraised in monetary terms
Why experiential purchases more effective at promoting social relations and connections?
♣ Experiences are more inherently social
♣ Fosters good social connections
♣ People tend to talk more to others about experiences rather than materials
• Materialism viewed negatively, especially if people talk relentless about it
♣ Positive human relationships are important for well-being
Why are experiential purchases more likely to be incorporated into the self-concept?
♣ Experiential purchases have a more central role in people’s lives and potential for happiness
• Experiential purchases are mentioned 2x more than materialistic
Why are experiential purchases less likely to trigger social comparisons?
♣ Material purchases are more likely to elicit social comparisons
♣ It is hard to compare one’s experiences as better/worse than others’
Why are experiential purchases less likely to be appraised in monetary terms?
♣ People not so fixated on what the experiential purchases cost as with materialistic
♣ When thinking about things in monetary terms, people derive less happiness because of the focus on cost
