Experiential gifts

Experiential gifts, also known as gift experiences, are gifts of experiences instead of material possessions. Experiences include adventures, dining, travel and music. Experiential gifts have become a rapidly growing segment within the annual gift industry.

Market surveys

As of 2009, the experiential gift market is an established, highly competitive multi-million-dollar market in the United Kingdom and Australia and an emerging category in the USA.

Experiential gifts also capitalise on consumers' growing comfort with purchasing gifts online. According to a December 2012 survey, 69 percent of UK experience days were bought online.[1]

Scientific research

Research suggests that people derive greater long-term satisfaction from experiential purchases than from material possessions. A 2014 study by Paulina Pchelin and Ryan T. Howell of San Francisco State University found that consumers do not accurately forecast the economic benefits of experiential purchases.[2]

A 2014 survey conducted by the Harris Group reported that 72 percent of Millennials (also known as Generation Y) preferred to spend more money on experiences rather than on material items.[3][4]

Research by Thomas Gilovich of Cornell University indicates that overall satisfaction with material and experiential purchases is similar at the time of purchase. However, satisfaction with material goods tends to decrease over time, whereas satisfaction with experiences tends to increase. Gilovich also found that experiences generate anticipation during the planning stage, while waiting for material goods may lead to impatience and stress.[5]

A study led by Hal E. Hershfield found that although most people report preferring more money, individuals who prioritize having more free time report higher levels of happiness.[6]

See also

References

  1. ^ "Experience-buying survey 2012 | Best Experience".
  2. ^ Pchelin, Paulina; Howell, Ryan T. (2014-07-04). "The hidden cost of value-seeking: People do not accurately forecast the economic benefits of experiential purchases". The Journal of Positive Psychology. 9 (4): 322–334. doi:10.1080/17439760.2014.898316. ISSN 1743-9760.
  3. ^ Saiidi, Uptin (2016-05-05). "Millennials are prioritizing 'experiences' over stuff". CNBC. Retrieved 2026-02-24.
  4. ^ Harris Group (2014-01-01). "Millennials Fueling the Experience Economy" (PDF). Retrieved 2026-02-24.
  5. ^ Gilovich, Thomas; Kumar, Amit; Jampol, Lily (January 2015). "A wonderful life: experiential consumption and the pursuit of happiness". Journal of Consumer Psychology. 25 (1): 152–165. doi:10.1016/j.jcps.2014.08.004. ISSN 1057-7408. Archived from the original on 2025-05-16.
  6. ^ Hershfield, Hal E.; Mogilner, Cassie; Barnea, Uri (September 2016). "People Who Choose Time Over Money Are Happier". Social Psychological and Personality Science. 7 (7): 697–706. doi:10.1177/1948550616649239. ISSN 1948-5506.


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