Minimalism is an increasingly popular low-consumption lifestyle whereby people deliberately live with fewer possessions. Proponents of minimalism claim the lifestyle offers a myriad of wellbeing benefits, including happiness, life satisfaction, meaning, and improved personal relationships, however, to date there has been no scientific study examining these claims. The current study aims to take a step towards rectifying this, by exploring the experiences of people living a minimalistic lifestyle. Ten people who identify as minimalists participated in semi-structured interviews to discuss their experience of minimalism and wellbeing. The data was collected and analysed using grounded theory methods. All participants reported that minimalism provided various wellbeing benefits. Five key themes were identified in the study: autonomy, competence, mental space, awareness, and positive emotions. Findings align with previous research examining voluntary simplicity, pro-ecological behaviours, and materialism, and offer new insights into the benefits of low-consumption lifestyles. The results have multidisciplinary implications, from positive psychology to education, business, marketing, economics, conservation and sustainability, with the potential to impact future research, policy, and practice.