Our findings suggest, first, that not all forms of consumption lead to happiness. In particular, only one category of consumption—leisure spending—has a statistically meaningful association with happiness (see Table 2, Model 1). In particular, a $10,000 increase in spending on leisure goods is associated with a 0.17-point increase in life satisfaction. None of the other components of consumption are significantly associated with life satisfaction with the exception of charity and gifts, which in some models has a very small but statistically significant association with happiness.