Financial Self‐Discrepancy, Consumer Well‐Being, and Luxury Preferences: The Moderating Effect of Access‐Based Luxury Formats

ABSTRACT This study investigates how the gaps between current financial status and financial aspirations or obligations shape consumer well‐being and luxury preferences. Drawing on self‐discrepancy and regulatory focus theories, this study uncovers how financial actual–ideal and actual–ought discrepancies activate different compensatory behaviors through consumers' well‐being states (eudaimonic vs. hedonic). Eight studies including six experimental and two cross‐sectional designs ( N = 1132) were conducted to test the proposed hypotheses. The results show that financial actual–ideal discrepancies increase, whilst actual–ought discrepancies reduce luxury preference. Eudaimonic well‐being mediates the relationship between financial actual–ought discrepancies and luxury preference, while hedonic well‐being shows no mediation effect for either self‐discrepancy type. The effect of financial actual–ideal discrepancy on luxury preference was moderated by access‐based luxury formats, with ideal‐discrepant consumers preferring renting and second‐hand options over co‐ownership. This study contributes to positive psychology and luxury marketing by linking consumers' financial status, well‐being, and luxury preference. This study also provides managerial guidance on aligning campaign timing strategies with consumers' financial self‐discrepancies and highlights societal implications for fostering inclusivity and addressing ethical concerns in luxury preference.