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

See all articles by Michael Luchs

Michael Luchs

William & Mary

David Glen Mick

University of Virginia - McIntire School of Commerce

Date Written: February 12, 2018

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

JEL Classification: M30, M31

Suggested Citation

Luchs, Michael and Mick, David Glen, Consumer Wisdom: A Theoretical Framework of Five Integrated Facets (February 12, 2018). Journal of Consumer Psychology, October 2018 (Forthcoming), Available at SSRN: https://ssrn.com/abstract=3130359

Michael Luchs (Contact Author)

William & Mary ( email )

P.O. Box 8795
Williamsburg, VA 23187-8795
United States

HOME PAGE: http://mason.wm.edu/faculty/directory/marketing/luchs_m.php

David Glen Mick

University of Virginia - McIntire School of Commerce ( email )

P.O. Box 400173
Charlottesville, VA 22904-4173
United States

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