Does consumerism increase subjective well-being? The case of Egyptian millennials

Purpose This paper aims to study the relationship between consumerism and Subjective Well-being (SWB), exploring to what extent the acquisition of goods contributes to personal happiness and satisfaction. Additionally, it examines the influence of diverse factors like religiosity, marital status, education, age, gender and home ownership, shedding light on their roles in shaping SWB. Design/methodology/approach This study uses survey data from a sample of the millennial segment in Egypt and employs regression analysis to examine the relationship between consumerism and subjective well-being. To ensure a robust analysis, the researchers categorized SWB into six different categories, and regression analysis was used to test its relation with consumerism and socioeconomic factors. Findings The analysis shows a consistent positive correlation between consumerism and SWB. Religiosity and marital status significantly impact SWB, while other socioeconomic factors showed mixed or insignificant effects. This highlights the complex link between materialism, societal values and happiness, suggesting policy opportunities to enhance millennial well-being. Research limitations/implications The findings raise ideas for sustainable consumption practices to enhance SWB, urging collaborative efforts from institutions and policymakers. The study contributes to understanding SWB through Sen’s Capability Approach, emphasizing the importance of freedoms and capabilities beyond material wealth. It provides empirical insights relevant to shaping policy, education and business practices toward enhancing holistic well-being. Originality/value Research in the field has rarely investigated the determinants of SWB, especially in a developing country like Egypt. This study has incorporated six different methods to estimate SWB.