I’ve previously written about gifting through the ages, and how the essence of gifting is a way for people to connect meaningfully.
According to a three-part study by Elizabeth Dunn, Lara Aknin, and Michael Norton, givers can get more happiness than people who spend the money on themselves.To delve into that a little bit more, we did a joint survey with Professor Dan Ariely and Kristen Berman and asked about 5,000 gift givers to think about the last gift they gave, and about the same number of gift receivers to think about the last gift they got.
Some of our results from the joint survey was featured in an article written by Professor Dan Ariely and Kristen Berman in Time Idea, titled “The Gift-Giving Mistake Not to Make”.
Here’s a short excerpt of our key findings:
When we looked at the results, we found three systematic biases:
- First, gift receivers rated the gifts as more exciting than gift givers; in general, gift givers underestimated how much joy their gifts would bring.
- Second, gift receivers preferred the riskier gift and wished that gift givers took more chances.
- Finally, the underestimation of how much people would like the gifts was particularly large for risky gifts.
So while in general we don’t appreciate how much others will enjoy the gift we give them, we significantly underestimate the appreciation for more risky gifts.
Indeed, the risk of giving the “wrong gift” is often why gift givers end up giving non-committed gifts, such as gift cards. Non-committed gifts are much less personal and is therefore less desired by both gift buyers and recipients.
That is why we believe it is important to create a solution that allows people to give perfect gifts in a meaningful way, giving both the gift giver and gift recipient a better experience.
– Roy Erez, Co-Founder and CEO, Loop Commerce