True happiness lies more in spending money on 'experiences' rather than on physical items. Experiential purchases tend to make us happier, at least according to research.
Our happiest memories, or even our most memorable ones, are often anchored to holidays that we have enjoyed with friends and family.
Herein lies the secret to making your guests happier - offer them an experiential package, not just a discounted rate.
You know your location better than anyone. Where are the good spots to surf, eat, chill, take in the local colour and flavours that only the locals know about? Package these up and offer them through your website.
Here are some reasons why people, truly happy people, are mindful to spend their money on experiences…
Here are some reasons why this might be, according to the literature:
- 1. Experiences improve over time. Aging like a fine wine, great experiences trump physical items, which often wear off quickly (“Ugh, my phone is so old!”). Experiences can be relived for years.
- 2. People revisit experiences more often. Research shows that experiences are recalled more often than material purchases. You are more likely to remember your first hiking trip over your first pair of hiking boots (although you do need to make that purchase, or you’ll have some sore feet!).
- 3. Experiences are more unique. Most people try to deny it, but we humans are constantly comparing ourselves to one another. Comparisons can often make us unhappy, but experiences are often immune to this as they are unique to us. Nobody in the world will have the exact experience you had with your wife on that trip to Italy.
- 4. We adapt slowly to experiences. Consumer research shows that experiences take longer to “get used to.” Have you ever felt really energized, refreshed, or just different after coming back from a great show/dinner/vacation? It is harder to replicate that feeling with material purchases.
- 5. Experiences are social. Human beings are social animals. Did you know that true solitary confinement is often classified as “cruel and unusual” punishment due to the detrimental effects it can have on the mind? Experiences get us out of our comfort zone, out of our house, and perhaps involved in those close relationships we need to be happy.
Read the full article by Gregory Ciotti
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