Memories beat materialism for making you smile

Memories beat materialism for making you smile

9 April 2019

London, UK – Those in pursuit of happiness should spend time with friends and family, rather than turning to retail therapy, according to new research from Magic Memories, which reveals that consumers are twice as likely to smile in the company of good friends and family (65%) than when they are on a shopping spree (31%).

While few consumers are ready to turn their backs on material wealth completely, the survey of 2,600 adults reveals almost half (45%) would spend more money on a memorable experience they can enjoy rather than buy a physical possession. Shared experiences are what matter the most, with 80% saying that taking part in a day out, event or visit to an attraction is important.

Older generations value making memories the most, while the young are focused on acquiring new things, with 73% of those under 25 years putting physical items over and above new experiences.

The research also shows that consumers also place a heightened value on experiences when choosing a gift for a close friend or family member. When buying a physical present, like jewellery, only 36% would spend more than £50 and only 25% would spend £50 or more on a gift voucher. In contrast, 60% would spend more than £50 on a memorable experience.

Chris Warhurst, CEO, Magic Memories, comments:“When it comes to creating lasting memories that evoke positive emotions, it is shared experiences with loved ones that win hands down. Today’s consumers have a growing awareness of mindfulness, mental wellbeing, and what really leads to happiness, and this is driving the Experience Economy. The heightened value that people are prepared to pay for shared experiences that will actually be remembered bears this out.”