While most people love to give gifts to others, the truth is we really love to give gifts to ourselves even more. In fact, new data reveals that Americans will spend $143,280 to “treat themselves” over their lifetime.
Of course, what constitutes treating yourself means different things to different people. While some will spend money on things like spas or a great handbag, 60% would rather treat themselves to a luxury experience than an item. Overall, Americans are okay spending about $199 a month, or 22% of their disposable income, on either “self care” treatments, or luxury experiences, with the average American seeing no problem spending $368 on a one-time experience, like say a backstage pass to meet their favorite artist.
A person’s responsibilities also play a role in how much they are willing to spend to treat themselves. Those under 25, who may not necessarily have as many expenses, will spend an average of 33% of their income treating themselves, while those over 55 will only spend about 13%.
And while people treat themselves in order to feel better, many actually feel the exact opposite, with the survey finding that 75% feel guilty about spending money on themselves, although they are twice as guilty treating themselves to something material than on an experience. As for why they think treating themselves to experiences are worth it, the top reasons include:
To treat myself
To do something special with a friend/partner
To share the experience via social media
To brag about it to my friends
To avoid inconvenience (i.e. lines, crowds)