Studies have consistently shown that people who crave experiences rather than materials tend to be happier and more satisfied with life. It’s no wonder that as millennial age, they are shifting the economy into what some economists call the “experience” economy.
Instead of saving up for BMWs and fancy gadgets, millennial find it more fulfilling to save up for a trip to Europe of South America. Here’s why they’re right:
Millennials have figured out that society irrationally overrate the value material objects. Even though most shoppers know that experiences will make them happier than buying things, money still flow more to the latter because they mistakenly believe material things hold more value.
Millennials have figured out that things are exciting for a while. Memories last forever.
Millennials have figured out that they should spend money to do what makes them happy. 78% of millennials would rather spend money on memorable experiences than buying desirable things, an Evenbrite study has shown.
Millennials have figured out to love parties, concerts, festivals, and sports events.
Millennials have figured out that life memories are harder to put a price tag on. This seems to explain why some may be hesitant to spend money on them.
Millennials have figured out what looks like the scariest thing never turns to be that serious. Traveling alone. Studying in a city where you don’t speak the language. Most things are not so scary if you just take the leap.
Millennials have figured out that material goods depreciate over time, but memories appreciate over time. Studies have shown people who purchase expensive objects immediately devalue them after the sale. Memories only grow fonder over time, making them a much better life investment.
Millennials have figured out that Ralph Waldo Emerson was right when he said that “life is a succession of lessons which must be lived to be understood.” Getting lost in rainy weather, sleep in a hard bed, and walking until your feet hurts are life lessons you can’t learn from buying things.
Millennials have figured out that short-term thinking leads to long-term problems. Splurging on expensive items will leave you in debt for a long time, whereas you can plan a good experience for relatively cheap.
Millennials have figured out that people can delude themselves for a very long time about whether they’re really happy with their lives.
Millennials have figured out even anticipating an experience makes us happier. Study shows that you’re reaping the reward before the experience even starts.
Millennials have figured out we’re slowly transitioning to what economists refer to as “experience economy.”
Millennials have figured out that instant gratification from buying things can become an addiction. More isn’t always better.
Millennials have figured out that no one ever reminisces about the iPhone 6 they bought a year ago. Shiny things don’t last, but memories do.
Millennials have figured out that most expensive things are bought to appeal to others. Experiences are brought to make yourself happy.
Millennials have figured out that new things are exciting to us at first, but then we adapt to them, making them worthless over time.
Millennials have figured out hard lessons from growing up in a recession. Shaky financial stability, shaky job security have had a sobering impact on the generation. Material goods are no longer worshiped as the vessel of stability. You can lose money in a down market, but no one can take memories away from you.
Millennials have figured out that more societal problems are due to greed than laziness. They are altruistic toward the less fortunately, and care about the globe. Recycling, equal rights, etc, are at the top of their values, even at the expense of less material gains.
Millennials have figured out that owning a lot of things will clump you down. Owning a car, owning a house, or having a closet full of useless bobbles will make it difficult for you to pack up and leave.
Millennials have figured out that “keeping up with the Joneses” tend to be less pronounced for experiences. Studies have found that it’s easier for people to compare material goods than experiences.
Millennials have figured out that they are the new guards. Once in every few decades, there’s a changing of the guards for generations. With a population of 79 million in the United States – 25% of the population –, millennials are now officially the most influential generation alive.
Millennials have figured out that people’s desire grow faster than their ability. Craving more and more goods will leave you in ruins.
Millennials have figured out that there’s no such thing as a “normal” life path. There’s no rule that says you can’t live life differently.
Millennials have figured out that experiences connect people. You’ll feel much more connected to someone you took a trip with than someone who also happens to have bought the same car.