The Happiness Paradox Explained: Buying Makes You Happier, But But Not in the Way You Think

The Happiness Paradox Explained: Buying Makes You Happier, But But Not in the Way You Think

Does more money bring more happiness?

Can you shop or buy your way to more happiness?

Are there different ways you can spend money that are more or less effective in terms of positive emotions like happiness?

Well, in short … yes and no!

Ha, there are “better” ways to spend money if happiness is your goal and if that’s something that interests you then read on …

via by Nick Hobson

It matters for how you see yourself reflected in the brands you engage with.

We’ve all experienced that surge of happiness after a great purchase. For some of us, that purchase was a brand-new iPhone, or perhaps a new pair of shoes. Or maybe it was an experience: a shared dinner at a restaurant, or a vacation to a resort down South.

But which of these purchases makes us the happiest, if happier at all? This is the question that researchers have been eager to answer and one that provides key insight into the minds of your customers.

Experiential vs. material purchases

Previous research has found that purchases that provide us with an experience, an experiential purchase, rather than a tangible product often give us higher levels of happiness. Why is that?

Experiences can satisfy our psychological needs – we can all imagine how calming a day trip to a Nordic spa would be after a week’s worth of stress at work.

Experiences can also help us facilitate social connections – moments we share with our loved ones make them even more special. It’s hard to share tangible products in the same way.

Brands & identity

However, what hadn’t been explored until now, was the influence of our personal relationship with a brand on how happy we feel after a purchase. A team of consumer psychologists set out to answer just that.

Some of us tend to have special bonds with certain brands, such that they become a part of our identity. We all know a person who refuses to buy the same black t-shirt from any store that isn’t his favorite retailer. Brand engagement in self-concept, or BESC, measures to what extent someone tends to include brands in their identity…

… keep reading the full & original article HERE