The End Of Materialism? Brits Favour Experience Over Items

It used to be owning a Gucci bag, driving a Porsche or wearing a Rolex which filled the wish list of social dreamers – but things have changed, and now four out of five Brits say they value experiences above material possessions.

Recent research commissioned by experiences club Boundless, revealed some surprising facts.

Despite the endless adverts filtering into our consciousness through modern day technology, most people would forgo  a future with designer possessions for one filled with memories.

It wasn’t just the Instagram generation driving this new outlook, either. Generation Z and Millennials aged 16-24 were clearly on board with 81 per cent agreeing experiences come out on top. But over-55s were even more certain, at 82 per cent.

Ian Holmes-Lewis, Director at Boundless, said of the findings: “There has been a feeling for quite a long time that Millennials have been moving towards valuing experiences over possessions, but these result paint a much wider picture.

“Right across the board, people were pretty clear that what matters in life is experiences rather than what we own. In the same poll, two-thirds of people also said that spending time with family was what made them happiest, followed by time with friends and making memories.

“There’s a theme building here that as a nation we are starting to think deeper about what we want from life and what will make us happy.”

There was an element of good news for luxury retailers, however – at least for those who are targeting men! Only 75 per cent of men chose experiences over possessions, which was significantly less than women on 84 per cent.

There were also differences between professions. A full-out 100 per cent of farmers chose experiences above possessions, with sports and leisure workers, teachers and nurses also featuring in the top four.

However, 33 per cent of those in advertising (as you might expert) chose possessions above experiences, with electricians returning the same result and plumbers topping the possessions table on 36 per cent.

Ian said: “The results could be interesting both for employers and for HR managers in charge of employee benefits.

“If people are valuing experiences above possessions and feel happier when trying out new things and spending time with friends and family, that’s something businesses should be aware of.

“Being happy in life can translate into a far better environment at work, too. Salaries are important, of course, but this survey shows that ‘money can’t buy’ experiences are increasingly highly valued in society.”