A new car, dinner at a five-star restaurant, a luxury handbag — these types of purchases aren’t as frivolous as they might seem.
Buying designer items and taking extravagant vacations are often criticized for providing only fleeting happiness. But a new study to be published in the October issue of the Journal of Consumer Psychology suggests otherwise.
Researchers from the University of Minnesota and Texas A&M University found that luxury goods, expensive meals and even pricey tropical excursions can help provide long-term happiness, if executed properly. The key? Set broad goals about what you hope to get out of these splurges. Yes, even make a goal for your new Louis Vuitton tote.
Sometimes, people make purchases with a goal that’s too specific: Copying a celebrity’s look rather than simply wanting to look and feel good, or being free of work pressures for seven days rather than flying away without any pressure and being open to whatever happens next. But happiness is a journey, not a destination. “Consumers frequently try to anticipate and attain happiness from consumption,” the researchers said. But that can prove challenging for consumers, because they get used “Yet, because happiness is destined to adaptation” — meaning that it fades over time— attaining it continues to be a challenge for consumers.”
Also see: Does winning the lottery make you happier?
Being more open-minded about why you spend money makes all the difference. “A general happiness goal can leave a longer-lasting positive emotional imprint,” said Rohini Ahluwalia, a marketing professor at the University of Minnesota and author of the study. In other words, you should treat yourself because, for instance, you should enjoy life and, quite simply, want to live in the moment.
Researchers split the study’s 87 college student participants up into three groups: one group that described an important purchase they made to increase their overall happiness in life, and two groups that described purchases linked to specific goals.
They provided three surveys — one about the initial purchase, another two weeks later and the last two weeks after that — asking participants how the purchase brought them joy at those points in time.
All participants reported similar levels of happiness at the time of their purchases, but the group with more general goals reported being the happiest as time passed. The difference was significant at the six-week mark, the study found. The same was true for people who purchased and listened to a new song. The happier group were even prepared to pay more for the song.
Also see: 10 ways to get more happiness out of your money
Other “quick fixes” to happiness? Spending on other people, pets and experiences, and having the luxury to buy our way out of tasks we don’t want to do ourselves have also been linked to increased happiness.
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