Adults view experiences as making them happier than objects (Van Boven 2005), yet products and brands are highly coveted by children, even at young ages. Using a child development framework, we reconcile these two perspectives. Across five studies with 410 children and adolescents ages 3-17 (two cross-sectional studies, three experiments, and one longitudinal study), using multiple methods (interviews, collages, experiments, rating scales, reaction time task), we show that children (ages 3-12) derive more happiness from objects than from experiences, but that changes over time. As children age, the happiness they derive from experiences increases, to the point that older adolescents derive more happiness from experiences than from objects, consistent with adult findings. We show that these effects are mediated by increases in two cognitive skills: memory and theory of mind, which we posit are necessary for a sufficient comprehension of experiences and their implications, which in turn facilitates their enjoyment.