Combat Loneliness: Invest in Experiences Over Possessions
Psychological experiments have shown that shared experiences, like attending a concert or a sports event, foster a greater sense of kinship compared to owning similar material items, such as shoes. Researcher Amit Kumar, an assistant professor of marketing and psychology at the University of Texas at Austin, noted, “You feel a significantly stronger sense of connectedness when you find out that you just saw the same band in concert than when you learn you have the same shoes as someone else.”
To explore how spending habits influence social belonging, Kumar and his team conducted seven experiments with over 1,400 participants. The results, published in the Journal of Behavioral Decision Making, reveal that experiences are more integral to personal identity than material goods.
“All of our buying habits are, to some extent, part of who we are, and they can connect us to other people,” Kumar stated in a university news release. “But that’s much more likely to be true of experiences we buy than material items we buy.”
Experiences are also less likely to incite envy. Two people sharing an experience, even if one had a superior version, will feel a stronger connection compared to those owning similar items. For instance, someone in the nosebleed section at a baseball game will feel more connected to a person in a private box at the same game than if they noticed they were wearing the same shoes.
Shared events enhance feelings of connectedness among attendees and people in general. Kumar suggests that companies should highlight the experiences associated with their products to boost social connection and customer satisfaction. “That can be important for things like customer retention and brand loyalty,” he said.
These insights underline the importance of spending on experiences to foster social bonds and enhance well-being.
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