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Last week, we discussed why it is behaviourally optimal to have frequent small pleasures than infrequent large experiences. But what if you have to choose between infrequent unique experiences and infrequent unique material purchases? That is, if you had to choose between, say, buying antique furniture and going to the foothills of the Himalayas. Which would you prefer? Behavioural economics suggests that you should choose the latter. Why?
Suppose you choose to buy a British-style rosewood table. You will, no doubt, take pride in your purchase and talk about it. But after a while, the table will become just another part of your household. In other words, you will adapt to the furniture and, thereby, fail to savour its beauty each day.
If you, however, choose to go to the foothills of the Himalayas, you are most likely to have an ever-lasting experience, or so the argument goes. Why? For one, you do not visit the Himalayas everyday. You are, hence, unlikely to adapt to the experience easily. For another, you are likely to share your experience with your friends and relive the memories periodically.
The above argument seems logical. But, I personally would choose buying things over experiences. Why? British-style rosewood table is uncommon. So, owning one would give me pleasure. Besides, I can share the pleasure of owning a piece of history with my friends who have similar interest. And above all, purchasing material things has the advantage of touch and feel, which leads me to believe that the joy will last longer.
Ten years hence, you may find it difficult to recollect your experience at the Himalayas, whereas the rosewood table can still offer you a delightful experience! This argument would hold only if you spend on unique material things, not run-of-the-mill goods. This is not to suggest that you should not spend money on unique experiences. But it may be worthwhile considering unique material purchases as well.
(The author is the founder of Navera Consulting. He can be reached at >enhancek@gmail.com )
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