Buy books and video games, happiness will come free: research

"If your goal is to make yourself happier, then you should buy things that are going to engage your senses," Howell added.

This post originally appeared on Hindustan Times.

For the study, researchers asked consumers about a recent purchase and how happy that purchase made them.

Expecting that material items would provide the smallest happiness boost and life experiences the largest, with experiential products falling in the middle, they were surprised to find that experiential products actually provided the same level of happiness as experiences.

"They are essentially two different routes to the same well-being," Howell said.

"If you are not feeling very competent, the best way to alleviate that deprivation would be through the use of experiential products. On the other hand, if you are feeling lonely, you should buy life experiences and do things with others," Howell added.