29/09/2017
I was talking to a friend about life the other day and she made the comment, “My family wants to have experiences, not things.” This is not the first time I have heard this recently. It seems what is making people happier these days is not based on what or how much they have as it did in the past. Studies are showing that when people invest in experiences they are happier than if they spend their hard-earned money on possessions. Forbes reported that experiences become a part of who we are. We are the sum of our experiences, not the sum of our things.
Human beings are social creatures, we seek companionship as part of our well-being. When we create social relationships we feel better and are happier. Experiences connect us with others. When we go to a concert or on a trip, we collect memories that unite us with others. Would you rather talk about the trip you went on or the new gadget you purchased? This effect is showing up in consumer spending. There has been a dramatic shift in spending in the last 10-15 years. People are spending less on durable goods and more on recreation, travel, and eating out.
Millennials, those between the ages of 18 and 34 are a growing part of the economy. They contribute about $1.3 trillion dollars in annual consumer spending, and it is not being spent on things. They value experiences. Many consider a happy, meaningful life as one that focuses on memories that are created through experiences. They place more importance on this more than career status or possessions.
The memories that are most precious to me are those I have made with my family and friends as we travel. From Sun River, OR to Maui, HI, cruising, driving, or flying, we have had the opportunity to create memories as we have experienced places and activities. We paddled a canoe, floated down a river in Arizona, viewed magnificent glaciers, and were amazed by frolicking porpoises. We helped restore a school in Maipu, Chile and observed the devastation of an earthquake in Ecuador. I wouldn’t trade these memories for anything I could buy.
Please feel free to post some of your favorite experiences in the comments section.