This paper made the news a few years ago, suggesting that purchasing experiences provides greater in the moment happiness over purchasing a material possession. I found papers on this topic going back many years. Here is one (the link to the pdf is here) from 2009 supporting this hypothesis.
As with many things in human subjects research, I question the results. What about something like a bicycle? It is a material possession, but it is also a experience. I guess a person could rent a bike, but as a cyclist myself, having my own bike that fits and performs well provides a better experience. And when I wash my bike after a ride, or even see it parked in my garage, it provides happiness.
My wife is an avid gardener, thus the money she spends on her hobby is for things. But, those things allow her to have the experience of gardening.
I wonder if there have been studies to attempt to differentiate between possessions that are true possessions (a nice article of clothing, a fancy watch) vs possessions that are for experiences? Or, maybe study people like collectors who seem to derive joy from just owning things (like stamps?).