Consumer Well‐Being at the Base of the Pyramid and Subsistence Marketplaces: A Review and Research Agenda

Abstract

A disparate collection of knowledge on the well‐being of low‐income consumers presents difficulties for both academics and practitioners. This review article addresses the critical need for a comprehensive synthesis of existing knowledge on well‐being of low‐income consumers. Focusing on Base of the Pyramid and Subsistence Marketplaces literature, we employed the SPAR‐4‐SLR protocol to structure our methodology and applied ADO–TCM framework for literature analysis. Our review uncovers conflicting evidence regarding the impact of conspicuous consumption, meeting basic needs and relative well‐being on consumer well‐being. Additionally, we highlight the diversity in conceptualisations of consumer well‐being, leading to inconsistent findings. We advocate qualitative methods, longitudinal studies and triangulation as potential research avenues. Our analysis underscores research gaps regarding the influence of culture, Western subsistence markets, alternative theoretical frameworks and under‐explored facets of consumer well‐being. We propose a set of research questions and objectives to guide scholars in this field.