In my opinion, the wise consumer is a person who is able to find a balance between practicality and happiness. They recognize that while it is extremely important to buy products and services that are essential to every day life, it is also necessary to spend on products and services that bring them happiness and a better quality of life. I am extremely young, still in college, and do not have a steady source of income (and therefore still heavily rely on my mother to help me with everything). Therefore, I don’t always consider myself the “wisest” of consumers, because I haven’t had to seriously think about my own income yet. However, I believe that I am on my way to becoming a wise consumer, as I am graduating, moving, and starting a new job within the next 6 months. I also think that I am starting to understand the importance of the balance between practicality and happiness, because soon I won’t have someone else to rely on. As I am starting to develop my own sense of self and what I need in life, I am learning how to listen to my gut to tell me if I really need to spend money on a certain product. I tend to find myself asking “do I really need this right now, and will it make me happy in the long-term as well as short-term?”.
Below are some examples of how I try to find balance in how I spend my money.
Practical products: The essentials–food, rent, utilities, textbooks, medicines, hygiene products, clothing, etc. There may be many more that I’m forgetting, but these are products and services that I need in order to live my daily life. I know that when I start my job and earn my own income, I am going to first and foremost need to make sure that I can cover these costs. This also includes any unexpected costs that may arise–this could include anything ranging from home repairs to medical bills to a new car engine. I know that I cannot skimp on these products and services, so I make sure to pay special attention when I buy these products.
Quality of Life products: These are the products and services that, while may not be essential to my basic needs, are so important to my quality of life and my happiness. The first things that come to mind are my Spotify subscription, concert tickets, and clothing beyond the staples of my closet. While I know that these are not crucial for my basic standards of life, these things keep me sane and make me happy. They allow me to connect to others and keep my passions alive and healthy.
Wise consumers, in my opinion, will spend their money on these types of products and services–maybe not necessarily the exact same as me, but similar enough that they feel they can live on their basic standards while also enhancing their life with products and services that make them happy. They understand the importance of knowing their budget and understanding what they can or cannot afford, as well as knowing how to most effectively spend their money. Wise consumers also recognize that there are design principles that they look for when it comes to purchasing the most favorable products and services. Some of these design principles include:
- Quality: this principle discusses how I think wise consumers will gravitate towards products/services that show their quality in the simplest of terms. Wise consumers aren’t trying to waste their time learning about fancy features when they can see a clear difference between high and low quality products. Companies need to understand how to market their products to show wise consumers that they are getting the highest quality for the best price. One industry that is attempting to do this is the housing industry–interior designers and home flippers are trying to design homes that use high quality yet sustainable products for the lowest price.
- Durability: this principle discusses how wise consumers look for products and services that can last them a long time. This allows them to see how their money is being well-spent, because it is providing long-term benefits as well as short-term benefits. One example of this could be buying an expensive down jacket for the winter. Knowing that a more expensive one will last a person a much longer period of time due to the durability of the jacket, rather than buying a cheaper one that may wear down faster.
- Happiness and Interconnectedness: this principle shows that consumers can see how the products and services they are buying not only brings them happiness, but also how they bring positive change to the outside world. This could entail marketing a company’s sustainable practices or a product’s sustainable impact. Another example of this is TOMS–what made these shoes so appealing was that consumers knew that if they bought a pair of shoes, another pair would go to a child in need. Consumers could visibly see how their contribution made a positive impact in the world. This not only makes the consumer happy because they bought a good product that will last them a long time, but it also allows them to feel more connected to the world around them.