CONSUMER POSSESSIONS, CONSUMER PASSIONS, AND SUBJECTIVE WELL-BEING

Speculation about the linkages between consumer products, consumption- related attitudes, and subjective well-being is prominent in the socia l sciences. This paper examines three issues in this literature using data collected in 1989 and 1990. The first issue is whether the accumu lation and anticipated accumulation of different types of consumer goo ds foster subjective well-being. Second is whether accumulation and an ticipated accumulation explain the well-established relationship betwe en income and subjective well-being. These issues are explored with tw o alternative measures that incorporate different assumptions about th e relative importance of ownership and the newness of products. The th ird issue is whether ''passions for the new'' are positively or negati vely related to subjective well-being. Although some results indicate that the heavy theoretical emphasis on the importance of consumer mark ets for subjective well-being and the income-subjective well-being rel ationship is overdrawn, others provide weak support for a market-centr ic perspective that emphasizes the positive consequences of accumulati ng different types of consumer goods. Different types of consumer good s fill different niches in individuals' lives as they age. Lastly, the passion for new experiences in the marketplace is positively related to subjective well-being.