Why We Buy What We Buy
By Remy van Donk – 5 minute read
The Neuroscience of Happiness and How Sharing Can Change the Game
At some point, we’ve all experienced that fleeting rush of pleasure when we hit “buy now.” Maybe it’s a new gadget, a pair of shoes, or even something as trivial as a trending kitchen tool.
But where does this impulse come from? Why do we keep buying things we don’t always need, and does it truly make us happier?
Neuroscience offers surprising answers, and the concept of shared ownership could provide a powerful alternative—one that benefits not only our brains but also our communities and the planet.
The Brain on Buying: A Dopamine-Driven Cycle
When we anticipate buying something new, our brain releases dopamine—a neurotransmitter associated with pleasure and reward. This anticipation is the key: research in neuroeconomics shows that the brain gets its biggest dopamine hit not from the act of purchasing but from the expectation of reward itself. As one study explains, dopamine pathways light up when we think about acquiring something new, even if the long-term emotional payoff of the purchase is small or nonexistent.
This “reward-seeking loop” creates a cycle. We feel excitement imagining how a new product might improve our lives, but once we own it, the thrill fades quickly. Behavioral economists call this the “adaptation effect,” where our brains normalize possessions over time, and we begin looking for the next shiny object.
The problem? The short-lived joy of buying often leaves us with clutter, stress, and financial strain—not the sustained happiness we crave.
Black Friday 2024: A Case Study in Spending
This phenomenon was on full display during Black Friday 2024. Consumers worldwide spent record amounts, highlighting the dopamine-driven cycle of anticipation and reward.
- In the United States, online sales reached approximately $10.8 billion, marking a 10.2% increase from the previous year.
These staggering figures illustrate the immense global scale of consumer spending during events like Black Friday—and how temporary this spending satisfaction often proves to be.
Buying Happiness: A Misleading Pursuit
According to neuroscientists, happiness is more closely tied to experiences, social bonds, and purposeful actions than material goods. Studies repeatedly show that spending money on shared experiences—like traveling with friends or hosting gatherings—produces far more happiness than buying physical objects.
This is because experiences are tied to memories, relationships, and identity, while physical possessions often lose their emotional value over time.
Similarly, engaging in acts that connect us to our community—like lending a neighbor your lawnmower or sharing tools with friends—activates the brain’s reward systems in a more enduring way. Functional MRI scans show that helping others stimulates the same brain areas as receiving a reward yourself.
Shared Ownership: An Alternative that Benefits the Brain, Society, and Planet
The rise of peer-to-peer sharing platforms introduces a modern solution to an age-old challenge: how to meet our needs without overconsuming. Shared ownership or item rentals—borrowing camping gear, renting tools, or lending out rarely used items like electric drills—provides a more sustainable and satisfying alternative to buying new.
How Shared Ownership Aligns with Neuroscience:
1. Community Connection:
Sharing builds trust and strengthens local relationships. When we lend or borrow, we engage with others in a cooperative way—triggering oxytocin, a hormone linked to bonding and emotional well-being.
2. Reduced Decision Fatigue:
Buying involves research, comparison, and decision-making, which can deplete our mental energy. Renting or borrowing eliminates these burdens, freeing up cognitive resources for more fulfilling activities.
3. Purposeful Ownership:
Sharing allows us to derive deeper meaning from our possessions. As Jia Li, a DJ who rents out her equipment to young musicians, notes in the ivault whitepaper:
“Sharing jives with the sustainable lifestyle I want. The world doesn’t need more things—we just need to use them smarter.”
4. Sustainable Pleasure:
Knowing that shared ownership reduces clutter, waste, and carbon emissions adds another layer of satisfaction. Each borrowed item replaces a new purchase, cutting manufacturing waste and resource use.
A Shift in Perspective: From Owning to Sharing
Consider this example: a power drill is used, on average, for just 13 minutes in its entire lifetime. Yet millions of people buy new drills every year. What if, instead of owning one, you could rent a drill for a few euros from someone nearby? It’s cheaper, more efficient, and socially rewarding.
Apps like ivault, which enable peer-to-peer sharing and borrowing, demonstrate the potential of this shift.
By connecting people within communities and ensuring items are shared securely using blockchain technology, platforms like these offer a way to unlock value in things we already own.
Instead of contributing to overproduction and waste, they help build a “shareconomy” where fewer resources are used and more meaningful interactions take place.
Happiness Beyond the Shopping Cart
If we look deeper into what truly makes us happy, the neuroscience is clear: dopamine-fueled purchases offer short-lived pleasure, but connection, purpose, and contribution provide lasting fulfillment.
Shared ownership taps into these deeper rewards while addressing some of our time’s most pressing challenges—like overconsumption and environmental degradation.
The next time you find yourself reaching for the “buy now” button, pause and ask:
Can I borrow this? Can I share it?
You might find that the path to happiness isn’t in acquiring something new but in connecting with the community around you.
As we shift from endless ownership to thoughtful sharing, we’re not only enriching our lives but also taking a small but meaningful step toward a more sustainable future—for ourselves and our planet.
References:
• Neuroscience News: The Brain’s Shopping Pathways and Dopamine Loops
• Norton, Michael. Happy Money: The Science of Smarter Spending.
• ivault Whitepaper: www.ivault.io
• PWC Report: The Sharing Economy’s Global Growth