The asymmetric connection between money and material vs. experiential purchases

Abstract

We examined the relationship between having a monetary mindset and the pursuit of material goods over experiences and found that people tend to think of their material purchases more in monetary terms than their experiential purchases. Purchase price correlated more highly with participants’ satisfaction with their material goods than their experiences (Study 1) and participants reported that the amount spent on significant components of a purchase (Study 2) would have more impact on their satisfaction with material goods than with experiences, as would a change in purchase price (Study 3). When the same purchase (a 3D TV) was framed in material terms (vs. experiential terms), participants reported that a price change would have a greater impact on their satisfaction. These findings suggest experiences suffer less than material possessions from the extrinsic psychology that comes with thinking about purchases in monetary terms.

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