According to a recent study of debit and credit card transactions by the Commonwealth Bank, Australians spent a whopping $2.23 billion on health and beauty last year. On the other hand, ASIC (Australian Securities and Investments Commission) puts that figure much higher at $18.5 billion for 2012 – with $8 billion spent on beauty, and $10.5 billion on personal care.
Looking further into “luxury” spending last year, ASIC estimates a national spend of $14.1 billion on alcohol, $1.1 billion on tea and coffee, $19 billion on recreational activities, $9.5 billion on gadgets, $5.1 billion on fashion, and $0.78 billion on pet pampering. Yes, pet pampering.
Back to the CommBank study. Australians spent 49% more on gym spending in 2012 compared to 2009, while cosmetic store spending increased 39%. But is it really worth it? Marketing and advertising agencies are always coming up with new ways to persuade consumers that they need more to be happy.
Consumers need whiter teeth, tighter bums and tums, shinier hair, come-to-bed eyes, trendier clothes, advanced technology gymwear, shapelier breasts, firmer skin, glowing skin, clearer skin, tanned-but-not-too tanned skin. This will make them happier. But of course, they will have to pay for it.
Wrong age for happiness?
Is it all a heap of phooey? While there may be a percentage of the population that find true happiness from looking good – and others who find happiness simply spending money – for most people, happiness is surely found elsewhere.
Don’t worry, Quid is not going to start spouting hippy philosophy – “all you need is love” is nice theory, but it’s really not going to pay the mortgage. However, a recent study has shown that happiness is not about looks, or a paycheck, or the amount of money spent on gym membership. It’s about age.
Released by Hannes Schwandt, a research associate at Princeton University, the study has shown that happiness is based on a curve, with happiness peaking at ages 23 and 69, and slumping at age 55.
Based on a survey of more than 23,000 people aged between 17 and 85, the study asked participants how satisfied they were with their current life, and how they expected to feel about life in five years.
“Young people strongly overestimate their future, they’re overoptimistic,” Schwandt said. This optimism translates to happiness, but can lead to unhappiness if expectations are not met – which explains the downward curve on the happiness scale in later life.
After a big slump in their fifties – mid-life crisis – people head into their late sixties, they come to terms with missed chances and put aside regret, allowing them to be happy again.
The study also found that those with a better education tend to overestimate their future satisfaction, usually relating their happiness to higher earning power. However, the happiness they gain from earning more doesn’t usually bring as much happiness as they had anticipated.
So, do beauty and tight abs bring happiness? Does love bring happiness? Or is it a big paycheck? Who knows? You may have all of those things, but unless you are 23 or 69, you really won’t enjoy them anyway.
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