Materialism, Experiential Buying, Wellbeing: PSY10003 Essay Analysis

This essay, submitted by Sardar Suleman for PSY10003, investigates the psychological effects of materialism and experiential buying on human wellbeing. The essay begins by defining materialism and experiential buying, highlighting their roles in consumer behavior and the pursuit of happiness. It explores the relationship between money and happiness, referencing relevant research. The essay then delves into the aspects of material and experiential purchases, examining how age and cultural differences influence materialistic behavior. Furthermore, it analyzes the psychological consequences of both materialistic and experiential behaviors, focusing on factors related to mental health and wellbeing, such as subjective well-being, and social comparison. The conclusion emphasizes the link between materialism, inner dissatisfaction, and the pursuit of happiness, suggesting that experiential purchases may better satisfy psychological needs, fostering stronger social connections and a greater sense of self.

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Experiential buying and materialistic behavior in
welfare of humans
Name : Sardar Suleman
Student ID: 102802253

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Declaration
A copy of this assignment is possessed by me which can be provided if the original is
destroyed or lost. This assignment is not copied from anywhere, except the portion of
acknowledgement, to the best of my knowledge. This is not written by anyone but me, except
for the portions where authorisation for collaboration was received from the lecturer.
I do provide the permission to utilize this assignment as a specimen for other pupils. When
my report will be used for that purposes, I demand to keep my name in the retained copy.
Examples of work of the student work must be used for the purposes of accreditation, quality
assurance, and benchmarking. I do/do not allow to use my assignment in this manner as I am
completely aware regarding this.
"I declare that, in submitting the work for this assessment, I have read, understood and agree
to the content and expectations of the assessment declaration."
Submitted as Materialism, experiential buying, and their effects on wellbeing
PSY10003 Psychology 100
Due Date: 15 July 2019
Date Submitted:
Tutor:
Email: [e-mail]
Word Count: 1534

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Introduction
Materialistic behaviour is the phenomenon where aspirations and craving are maximum to
procure affluence, assets and substantial properties which can promote improved stature,
comforts, grandeur and ignore morality and spirituality. Materialism drives profusely
important part of life of a human being and that of society are individual excellence,
contentment and avidity. People generally possess the opinion that greed and selfishness of a
human being are the driving force behind economic problems.
A consumer buying experience for gaining experiences can be called as experiential buying.
In popular opinion money and happiness are intertwined. People refers to enormous financial
stability when asked about happiness and contentment and many people are agreeing to the
fact that more money would have made them happier. Statistically, the relation between
money and happiness is quite little and thus less important (Myers & Diener, 1995).
The reason is/are different leading to the reasons of people being materialistic and
participating in experiential buying.
Many psychologists as well as consumer researchers learning materialism thinks of the
construct in different ways. Belk (1985) first proposed the construct in an empirical manner
as a character allocation concerning possessiveness, parsimony, and enviousness. However,
almost every factual work is based on Richins and Dawson (1992), Kasser and Ryan (1993,
1996) by formulating materialism in the form of values, objectives, and/or endeavour. So, to
state that he or she is a materialistic person is to declare that the person believes that it is
important to have money and that states the lavish and attractive status and these are the main
objectives for a person to thrive.
Aspects of Material and Experiential purchases:
Though the relevance of purchase type may invite questions, there are some exceptions that
are important for comprehending materialistic and experiential buying. According to Carter
and Gilovich (2010), a factor gains much importance concerning one’s happiness index that
is the effect of purchase-type. Generally, individuals can be concerned about various choices.
This influences the human behavioural pattern ultimately. Practically, experiential purchase
will have less similarity to other options, although everything is somehow similar. As an
example, it can be tough when holiday is compared with contrasting locations of travelling. It
can be finally noticed when one will be deprived of further joy or self-satisfaction. Inspite of

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what have been expected, by purchasing an electronics, one will be able to distinct their
function with others. For mass of the population, this purchase can be extremely
determinative, which suggests that after sparing money on expensive devices, it will be
difficult to afford the price of an updated replacement for quite a few years. It is also
important to highlight that it is hard to delve experiences after consumption. Experiences
produce few regrets when compared with materialistic purchases, because there are few
inescapable and comparable examples of experiences. When it is concerned with material
purchases, there may be more regrets during the period after purchasing. These materials can
be compared effortlessly with past experiences of purchase and other products in the store.
(Carter & Gilovich, 2010).
Which people will show more materialistic behaviour and when?
When it is concerned with adolescent individuals or emerging adults, the factor of age is
highly significant, because materialism can prove to be tough for the youth, who posess the
tendency of feeling self-conscious and can compare them with other individuals (Steinberg,
2007). Evidence suggests that age may affect the degree of materialism (Chaplin & John,
2007). When a young person believes that they are any less compared to their companions, it
affects more negatively than an adult person in a similar situation. Adolescent persons do not
consider the long term effects while processing any decision (Steinberg), so young people
who are materialistic more often falls into the timely benefits of external rewards of buying in
an enthusiastic manner, which can again deteriorate their psychological health. Young people
are at higher risk of materialistic effects according to a moderator analysis.
Researchers suggest that materialistic behaviour may differ based on culture (Ger & Belk,
1996; Ger & Belk, 1999; Kasser & Ahuvia, 2002). The individualistic vs collectivist
distinction of Hofstead’s (2010) is the basis of our analysis of culture. Materialism have
different meanings and basis on variety of cultures, as the motivations concerning success are
also different.
The psychological consequences (welfare) resulted from materialistic and experientialist
behaviour.
We considered variables which have examined the mental health of a respondent, for
assessing the variable of psychological well-being. Various factors considered by the
variables are positiveness, enthusiasm, subjective well-being, and mental prosperity, the

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meaning of life, self-appreciation, self-approval, self-actualization and confidence. The
factors which were included such as weakness of an individual, anxiety, depression, self-
discomfort,negative effects, stress, were alternatively coded, such that it correlated with the
subjective well-being (higher number indicated greater rate of mental illness).
Psychological needs are better satisfied by experiential purchase, mainly the needs related to
relationship. An authentic source recently highlighted the discovery of positivity of
psychology from the happiness index which extended for a long time, (it lasted 75 years) by
the Harvard researches (Waldinger, 2015), has highlighted that to be happy and healthy a
good relationship is an essential factor. Considering this, it can be admitted that, when
compared to material purchases, their nature experiences can yield more happiness, as they
construct a healthier what is known to be social capital (Gilovich et al., 2014).
People are interrelated and connected to each other more frequently via experiential
purchases. Experience is more closely related with self than the others. Our own experiences
can reflect our own identity and persona and become a part of self when compared to material
purchases, and this is the usefulness of one’s experiences when compared to material
purchase. Social comparison is again not brought about by experiential purchase. One’s
experiences can powerfully and influentially effect on reception by other people and what
perceptions are created on others.
Conclusion:
According to me, greed and avidity is best explained in psychological terms. One’s mellowed
materialistic behaviour is mainly a response to our inner dissatisfaction which can result in
ultimate unhappiness. Being humans, it is extremely normal on our behalf to experience
‘psychological discord', because of the endless cross talks of our minds, that creates disparity
in our minds, and provokes negative thoughts regularly in most of the situations. The feeling
of loneliness is the origin of ‘psychological discord', which is experienced by many of us, that
is the feeling of isolation and separation from everyone. We constantly blame external
conditions and outward factors in an attempt to relieve our internal discomfort and internal
discontent. Materialism can result in temporary happiness, the rush of purchasing new
articles, and can result in the sense of thrill of the possession of the article. In addition, we try
to override the fundamental unhappiness within us, and try to make up for such situation.

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Again, our yearning for prosperity, is when it reacts with the sense of necessity and frailty
made by the isolation and distinctness feeling of an individual. Here a desire and urge is
created for us to be more full, more powerful as well as significant.. By collecting these
wealth and various lavish assets, we try to reinforce the delicacy of our egos and try to make
ourselves complete and entire and meet our fulfilment.
References
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Carter T.J., Gilovich T. (2010). The relative relativity of material and experiential purchases. Journal
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Chaplin, L. N., & John, D. R. (2007). Growing up in a material world: Age differences in materialism
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Diener, E., & Seligman, M.E.P. (2004). Beyond money: Toward an economy of well-being.
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Ger, G., & Belk, R. W. (1999). Accounting for materialism in four cultures. Journal of Material
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Kasser, T. (2018). Materialism and living well. In E. Diener, S. Oishi, & L. Tay (Eds.), Handbook of
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Kasser, T., & Ahuvia, A. (2002). Materialistic values and well-being in business students. European
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Waldinger R. (2015). What makes a good life? Lessons from the longest study on happiness. Ted
Talk. Retrieved from http://www.ted.com/playlists/4/what_makes_you_happy (5 June 2016)