This paper develops a dynamic structural life-cycle model, wherein agents can choose to consume standard goods alongside with relational goods, i.e. time spent with other people.  The model is estimated using the SMM (simulated method of moments) on the SHARE dataset, a cross-national microeconomic database that provides detailedinformation on socioeconomic status and social networks of individuals aged 50 or over. The main contribution of the paper is to provide an estimate of two parameters: first, the relative risk aversion parameter for consumption of relational goods. Second, the substitution parameter, which indicates whether individuals become less willing to substitute standard for relational consumption across time. This paper also investigates the possibility that consumption of relational goods might be path-dependent, i.e consumption of hours of social interaction may partially determine future patterns of relational consumption.