Why Collecting Experiences Is Better Than Collecting Things
In today’s modern world, it’s easy to get caught up in the rat race of wanting more and more things, believing they’ll bring us happiness. Surrounded by the newest technology, we look for instant gratification, whether that is from an expensive watch, the latest 4K TV, or a brand new car. However, regardless of how fantastic the products may be, the satisfaction is short lived. Just like any addiction, once the initial thrill is gone, we already begin craving the next big thing before we’ve even had time to really enjoy the first.
Psychology professor Dr. Thomas Gilovich of Cornell University has been researching this topic for the past 20 years, and found some reasons as to why this is the case:
• We get used to new possessions relatively quickly, not viewing them as ‘exciting’ for very long.
• We tend to keep raising our expectations, always looking for something better.
• We can’t help but want to keep up with the latest trends, we’re constantly comparing what we have to what our friends have.
He calls this theory ‘adaptation.’ New things succeed in making us happy at first, but as soon as we get accustomed to them, they lose their emotional value and general appeal.
As humans, we are remarkably adaptable creatures, and overall that’s a great trait to have. We tend to buy things anticipating that they’ll bring us joy, happiness, love, and more. Often they do, but only for a short time. When we start accumulating experiences, however — for example, road trips or an outing to the beach — the adaptation is a lot less noticeable. We don’t stop noticing an experience the way we do a product, a brand new couch that quickly fades into the background of our lives despite being right there and readily accessible. Purchasing material objects is one instance during which our adaptive tendencies don’t lead to long-term satisfaction.
Experiences, on the other hand, have a much longer lasting appeal; they become a part of our personality and identity. Something you own will always remain separate to you, whereas experiences (no matter how short-lived) become an intrinsic part of who you are. So, while owning the newest iPhone won’t change you as an individual, walking the Inca Trail may very well do just that. You’ll definitely gather some wonderful memories to treasure.
Oftentimes, millennials can teach older generations a thing or two about the acquisition of possessions versus the acquisition of experiences. After all, millennials are known to be constantly documenting their lives on social media, and many of them came into the workforce when the economy was in a financial crisis; maybe they didn’t develop the need to acquire “stuff” that their more economically privileged elders did. This is a concept we can typically incorporate into the workplace, especially in a team-building scenario. Of course, you can get everyone matching coffee cups, but a common experience will help everyone connect and provide the kind of fulfilment and satisfaction that doesn’t immediately fade. You’re much more likely to feel a connection to a coworker who you have shared a team-building adventure with than to one who has the same company t-shirt as you.
The emphasis on experiences is closely associated with the rapid growth of the sharing and experience economy. Why pay for a taxi when you can meet someone new riding in an Uber? Why climb the corporate ladder of bureaucracy for a corner office when you can be a consultant and have the opportunity to work from anywhere on earth?
The rise of the experience economy has changed a great deal of what we do, and many customers don’t even realize it. Why do millennials value experiences over things? Because it makes them happy. And they aren’t wrong. Experiences are also more shareable and memorable, which seems to be important to younger generations. It’s easier and more effective to share pictures and stories from a hike or a cooking class than it is to show off a new flat screen TV.
Furthermore, when individuals reminisce on happiness with material objects they acquire versus happiness with experiences, the levels are similar initially, but quickly begin to diverge. Satisfaction levels with purchases tend to decrease with time, whereas satisfaction with experiences tends to increase with time. We are the outcome of our experiences. Even experiences or encounters that aren’t entirely joyful and happy often end up being valued for what they tell us about ourselves. It is for this reason (and many others) that I love being able to help individuals across the globe find and book their next incredible experience on TourRadar.
If you’re ready to book an experience that is sure to last a lifetime, click here.
