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Consumer Wisdom: A Theoretical Framework of Five Integrated Facets
Author(s) -
Luchs Michael Gerhard,
Mick David Glen
Publication year - 2018
Publication title -
journal of consumer psychology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 4.433
H-Index - 110
eISSN - 1532-7663
pISSN - 1057-7408
DOI - 10.1002/jcpy.1037
Subject(s) - openness to experience , psychology , contemplation , set (abstract data type) , transcendence (philosophy) , nomination , social psychology , intentionality , phenomenology (philosophy) , process (computing) , epistemology , consumer research , cognitive psychology , marketing , computer science , philosophy , political science , law , programming language , operating system , business
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.