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A new study has confirmed that in the long run we're like goldfish when it comes to material possessions - we are less likely to remember them for long. Whereas experiences equip us with memory capital we recall and share with others time and time again, bringing us long-term satisfaction.
The study by Assistant Professor Ryan Howell and Graham Hill at San Francisco State University asked participants to 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.
Interestingly, the research found that experiences produce more happiness regardless of the amount spent or the income of the consumer –reminding us that when times are tight experiential rewards still resonate even if the cost value isn't as great as the amount last year's budget allowed for.
Howell who is the Head of the Personality and WellBeing Lab at San Francisco State University said experiences also lead to longer-term satisfaction. According to Howell, "Purchased experiences provide memory capital".
"We don't tend to get bored of happy memories like we do with a material object," Howell says.
At RedBalloon we are firm believers that life is the sum of your experiences, and memories define who you are – as this study shows.
We are in the business of providing happiness opportunities for employees and customers, and we're all about generating the smiles and good will conversations that cash or product based programs can't achieve.
Author: Kate Rolfe, Communications Champion, email@example.com