Lately, we’ve observed some intriguing generational differences with regards to spending money. Unlike their baby boomer parents, millennials seem to be more interested in accumulating experiences than material possessions. This trend is most apparent on modern wedding registries where you’re just as likely to see honeymoon excursions or zip-lining as place settings or 600 thread-count bed linens.
Science suggests the kids may be onto something. Pre-retirees should sit up and take notice.
The take-away: Experiences give us more joy than stuff, especially when those experiences are shared.
You’re much more likely to feel connected to someone you took a vacation with in Bogotá than someone who also happens to have bought a 4K TV.
Experiences – such as travel, a delicious meal, theater or art exhibit – provide a 3-phase pay-off: The anticipation of the event, the stimulation of the actual experience, and the joy of remembering it together. You just don’t get that with a new couch.
At the end of the day (or your career, in this case), would you rather spend your hard-earned money on a new car or big screen TV? Or, on memories-in-the-making you can share with your partner, kids and/or grandkids?
Those crazy Millennials seem to have figured it out.