Impact of minimalist practices on consumer happiness and financial well-being |
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| Institution: | 1. AUT Business School, Auckland University of Technology, 120 Mayoral Drive, Auckland Central, 1010, New Zealand;2. Department of Marketing & Tourism Management, National Chiayi University, 580 Shin-Min Road, Chiayi City, 6000, Taiwan;1. College of Economics and Management, China Agricultural University, 17 Qinghua E Rd, Haidian District, Beijing, PR China;2. School of Business, Renmin University of China, No. 59 Zhongguancun Street, Haidian District, Beijing, 100872, PR China;1. Department of Business Administration, Alma College, Alma, USA;2. Department of Kinesiology, Michigan State University, East Lansing, USA;3. Global Urban and Infrastructure Research Center of the Institute of Urban Science, University of Seoul, Seoul, South Korea;1. Department of Management, University of Turin, C.so Unione Sovietica, 218/bis, 10134, Turin, Italy;2. Business School, University of Bristol, Queens Avenue, Bristol, BS81SD, UK;1. Great Lakes Institute of Management, Dr. Bala V. Balachandar Campus, East Coast Road, Manamai Village ThirukazhukundramTaluk, Chengalpattu District, Tamil Nadu, 603102, India;2. UCSI Graduate Business School, UCSI University, Kuala Lumpur, Malaysia |
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| Abstract: | This study assesses the relationship between minimalism, financial well-being, and happiness. The role of age and spirituality and their impact on minimalism, happiness, and financial well-being is also investigated. The upward spiral theory of change posits that making positive lifestyle changes can bring about happiness and well-being and has been used as a theoretical framework. Data is conveniently collected from 343 Pakistani consumers using survey questionnaires and analyzed in SPSS and M Plus software. Results indicate that minimalism directly affects financial well-being, spirituality, and happiness. Similarly, financial well-being also has a direct positive impact on happiness. Minimalism has been found to indirectly effects happiness via financial well-being. Interestingly, age and spirituality have weakened the relationship between minimalism and happiness. In contrast, the role of age as a moderator between minimalism and spirituality is insignificant. This paper provides exciting insights into the relatively new concept of minimalism and its consequences. |
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| Keywords: | Minimalism Happiness Financial wellbeing Spirituality Sustainable consumption |
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