Money or love? The impact of the COVID-19 pandemic on consumer life goals and subjective well-being()

The COVID-19 pandemic has profoundly changed how consumers live. This research investigated the impact of the pandemic on two important life goals—material versus relational goals—as well as their subsequent consequences on consumer subjective well-being (SWB). We conducted a three-wave longitudinal study and recruited 1567 participants from mainland China during the pandemic. Cross-lagged model results showed that consumers’ perceived threat of the pandemic was positively related to the importance placed on material and relational goals, which conduced to divergent effects on consumer SWB. Specifically, the greater the threat consumers perceived in the pandemic, the more emphasis they placed on material success and social relationships. However, pursuing material goals had a negative impact on SWB, but relational goals had a favorable influence on SWB. Our findings enhance understanding of how consumers’ life goals changed during the COVID-19 pandemic and offer insights for marketing in the current and future pandemics.