Consumer Wisdom: A Theoretical Framework of Five Integrated Facets
Journal of Consumer Psychology, October 2018 (Forthcoming)
61 Pages Posted: 6 Mar 2018 Last revised: 14 Mar 2018
Date Written: February 12, 2018
We establish a parsimonious theoretical framework of consumer wisdom based on five mutually reinforcing psychological facets. Our research draws from wisdom literature and a set of 31 phenomenological interviews with informants who were identified through a multi-stage nomination process. The five facets of consumer wisdom that emerged are Intentionality, Contemplation, Emotional Mastery, Openness, and Transcendence. Together, they comprise a data-grounded, aspirational model of consumer wisdom—for researchers as well as consumers—to understand, maintain, and improve personal and collective well-being. We discuss the implications of the framework and directions for future research.
Keywords: wisdom, well-being, mindfulness, values, morality, choice
JEL Classification: M30, M31
Suggested Citation: Suggested Citation