More on Experiential Consumption (09-24-20)

Weingarten and Goodman’s research provides more nuanced insights into experiential consumption. They report that “A wealth of consumer research has proposed an experiential advantage: consumers yield greater happiness from purchasing experiences compared to material possessions. . . . the authors develop a model of consumer happiness and well-being based on psychological needs (i.e., autonomy, relatedness [need to feel social bonds to other humans], self-esteem, and meaningfulness), and conduct an experiential advantage meta-analysis to test this model. . . .  the meta-analysis supports the experiential advantage . . . The analysis . . . . [suggests] that the experiential advantage may be more tied to relatedness than to happiness and willingness-to-pay. The experiential advantage is reduced for negative experiences, for solitary experiences, for lower socioeconomic status consumers, and when experiences provide a similar level of utilitarian [practical] benefits relative to material goods.”

Evan Weingarten and Joseph Goodman.  “Re-Examining the Experiential Advantage in Consumption:  A Meta-Analysis and Review.”  Journal of Consumer Research, in press, https://doi.org/10.1093/jcr/ucaa047