Significant Stat: Grateful for Experiential Purchases

Workplace Challenge

“People are more grateful for what they’ve done than what they have, and that gratitude can lead to greater generosity toward others” (source)

The Ritz-Carlton Leadership Center Perspective

It’s one thing to have an excellent product that was thoughtfully designed, well made and presented well to the customer, but it’s another thing to craft an experience around the products and services your provide. Why is it worth crafting a whole experience when your product is a material thing? According to recent research, “feelings of gratitude develop more often when people reflect on experiential purchases, such as vacations or tickets to events, than when they reflect on gadgets, furniture or clothes they’ve purchased.” At The Ritz-Carlton, we understand that our facilities, food and other material products must be superb in order to live up to our brand promise; however, we also know that the memories of the experience are the most valuable takeaway for our guests. With this in mind, our Ladies and Gentlemen bring their surroundings to life to create unique, memorable and personal experiences for our guests. When a company is able to elicit emotions such as gratitude from their customers, loyalty to the brand grows and so does spending by those customers. A final note from Walters, Kumar and Gilovich’s work appropriate to the holiday season, your organization’s work gets paid forward by thankful customers who may then be more likely to give to others.