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This paper conceptualizes the phenomenon of historizing the present, defined as emphasizing the historical significance of present events and treating the present from the perspective of history. The authors identify four modes of historizing the present (emphasizing that: (1) the present will shape history; (2) the present is a unique moment in history; (3) the present will be remembered in history; (4) the present echoes history) and demonstrate how historizing can be employed by marketers of for‐profit and nonprofit organizations in a variety of contexts. The paper examines the psychological implications of appreciating the historical significance of the present and outlines a research agenda for studying the downstream behavioral consequences of historizing the present across diverse substantive consumer domains. It concludes with an examination of the broader societal implications of historizing the present as well as its implications for consumer well‐being. [ABSTRACT FROM AUTHOR]

Interpersonal connections are often involved in the planning, consuming, and reminiscing of special consumption experiences. Yet we have limited understanding of how consumers in different stages (planning versus reminiscing) influence one another and how this might vary as a function of relationship strength. From two experiments, our findings suggest that when planning a novel special experience, consumers should be cautious of others' reminiscences and, specifically, of memories shared by strong ties. In study 1, we found that a memory shared by a strong tie increases a consumer's desire to switch a novel experience. In study 2, we unpacked this effect by examining the role of savoring and internalization of memory details. When a memory was shared by a stronger (versus weaker) tie, the expected utility of savoring was reduced, and the desire to switch to a new experience increased. Post analyses suggest that this may be due to differences in the extent to which the memory is assimilated as one's own experience. [ABSTRACT FROM AUTHOR]

To live in the developed world is to live in a consumerist society. Although the broader forces that created this society have led to unprecedented material abundance, scholars have maintained that these benefits have come at a significant psychological cost. An important question, then, is how these psychological costs can be minimized. With that in mind, we review research showing that people derive more satisfaction from experiential purchases than material purchases. We then summarize the findings of an extensive program of research on the psychological mechanisms that underlie this difference. This research indicates that experiential purchases provide greater satisfaction and happiness because: (1) Experiential purchases enhance social relations more readily and effectively than material goods; (2) Experiential purchases form a bigger part of a person’s identity; and (3) Experiential purchases are evaluated more on their own terms and evoke fewer social comparisons than material purchases. We conclude by discussing how social policy might be altered to take advantage of the greater hedonic return offered by experiential investments, thus advancing societal well-being. [ABSTRACT FROM AUTHOR]

We reply to commentaries on Gilovich, Kumar & Jampol (2015--in this issue) by Dunn & Weidman (2015-in this issue) and Schmitt, Brakus and Zarantonello (2015-in this issue) . We argue that the distinction between material and experiential purchases is meaningful and important, that experiences can be bought, and that our comparisons of the two have not been confounded by factors such as significance, importance, purchase price, or subjective appeal. We further discuss the potential limitations of populations from which we have sampled, and differences in consumer satisfaction across different time frames. We conclude by embracing the fact that our program of research has generated many open questions and by welcoming further empirical attempts to understand the psychological processes and hedonic consequences that attend these two types of purchases. [ABSTRACT FROM AUTHOR]