Experiential purchases:

A report chronicled in a CEO for Cites post

I read about a new San Francisco State University study that found money can lead to greater happiness for the person possessing it and those around them, if it is used to buy experiences, not possessions.

The study by SFU assistant professor of psychology Ryan Howell, “demonstrates that experiential purchases, such as a meal out or theater tickets, result in increased well-being because they satisfy higher order needs, specifically the need for social connectedness and vitality — a feeling of being alive."

So experiences are critical to our sense of well-being.

Restaurateurs need to focus on the guest experience. Too often they focus on everything other than the experience. The guest who walks into your restaurant is not looking for food, they are searching for an experience. Ignore that sage advice at your own peril.