Building a science of spending: Lessons from the past and directions for the future

A decade of research suggests that people derive more happiness from buying experiences (e.g., vacations, concert tickets) than from buying material things (e. g., shoes, televisions; see Gilovich, Kumar, & Jampol, 2014, this issue). This highly impactful program of research provides a valuable model to apply in building a broader “science of spending.” By examining both the strengths and limitations of research comparing experiential and material consumption, we extract two lessons for researchers interested in studying how consumers can buy the most happiness with their money, and suggest two methodological improvements that could yield new insights into the happiness benefits of experiential and material purchases. In addition, moving beyond past research on the material/experiential distinction, we offer two fertile areas for future research in the science of spending.