We establish a parsimonious theoretical framework of consumer wisdom based on five mutually reinforcing psychological facets. Our research draws from wisdom literature and a set of 31 phenomenological interviews with informants who were identified through a multi‐stage nomination process. The five facets of consumer wisdom that emerged are Intentionality, Contemplation, Emotional Mastery, Openness, and Transcendence. Together, they comprise a data‐grounded, aspirational model of consumer wisdom—for researchers as well as consumers—to understand, maintain, and improve personal and collective well‐being. We discuss the implications of the framework and directions for future research.