Harvard Business School Professor finds gifts make people happier than purchases for self. So as holiday gift shopping season approaches, retailers can make more people happy by giving them good gift selections
It is often said that money can't buy happiness, and this is true for most cases. However, writing in the September 13 issue of Forbes, Harvard Business School professor Michael I. Norton has found one important exception: those who spend money on others are happier than those who spend on themselves.
Norton conducted a study in which strangers were given amounts of money ranging from $5 to $20 and told to either spend it on themselves or on others. At the end of the day, those who spent their money on others reported feeling happier than those instructed to spend on themselves. This is in spite of consumer predictions that making more money would make them happier.