Are You An Experiential Shopper?

Suppose someone gave you $1,000 and the only condition was you had to spend it. You couldn't sock it away into savings. What would you buy?

Would you head for the nearest mall, or would you book a flight to Paris? If you chose the latter, you might be what psychologists call an "experiential shopper." You also might be happier with your purchase.

Experiences rather than possessions

Psychologists say they have found that buying life experiences makes people happier than buying possessions. When they drilled down into the data, the researchers found extroverts and people who are open to new experiences tend to spend more of their disposable income on experiences, such as concert tickets or a weekend away, rather than hitting the mall for material items.

These habitual "experiential shoppers" reaped long-term benefits from their spending: They reported greater life satisfaction, according to the study led by San Francisco State University Assistant Professor of Psychology Ryan Howell.

What kind of shopper are you?

How and his colleagues have set up a special, interactive website where consumers can answer a survey to determine what kind of shopper they are.

Howell is no newcomer to this area of research. His 2009 study concluded that money, can indeed, buy happiness. Now, he says it clear happiness all depends on how you spend the money.

His research as broken down shoppers into the "Big Five" personality traits, described as extroverted, neurotic, open, conscientious and agreeable.

The authors suggest that it could be easier to change your spending habits than your personality traits.

"Even for people who naturally find themselves drawn to material purchases, our results suggest that getting more of a balance between traditional purchases and those that provide you with an experience could lead to greater life satisfaction and wellbeing," the authors conclude.