Consumer Wisdom: A Theoretical Framework of Five Integrated Facets
Michael Gerhard Luchs, David Glen Mick
Journal of Consumer Psychology · 2018 · Volume 28 · Issue 3
Abstract
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
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