According to one oft-repeated rule of thumb, spending on experiences rather than objects makes us happiest. When asked to reflect on a purchase, people who described experiential ones—travel, say, or concerts—were much happier than those who described material ones. [1] Psychologists believe the “hedonic treadmill”—our tendency to eventually revert to our original level of happiness following a change—operates more swiftly after material purchases than after experiential ones: A new table is easier to get used to than a trip to Chile. They also say we are better at making peace with bad experiences (“It brought us closer together”) than with regrettable objects. [...]
University of Cambridge researchers joined with a bank to analyze the relationship between customers’ spending habits, personality, and happiness. They found that the “Big Five” personality traits—extroversion, openness to experience, conscientiousness, agreeableness, and neuroticism—predicted spending. Outgoing people splurged on restaurants and entertainment, while self-controlled, conscientious types shelled out for fitness and insurance. And those whose spending fit their personality were happier than those who spent against type. In one case, extroverts and introverts received vouchers for either a bar or a bookstore. Extroverts were happier when forced to spend money at the bar, while introverts were happier spending at the bookstore.
But before you go on a spending spree, a caution: More than income, investments, or debt, the amount of cash in one’s checking account correlates with life satisfaction. [6] That doesn’t mean you should be stingy, though: When people were assigned to buy goodies for either a hospitalized child or themselves, those who bought treats for a sick child reported more positive feelings. [7] The effect was the same in a rich country (Canada) as in a poor one (South Africa). Spending on friends and family likewise gives us a boost because—unsurprisingly—it brings us closer to them.
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