The common thread I found when reading about the five facets of consumer wisdom is that wise consumers act on their values. They recognize their purchases as a larger reflection of themselves, and so when making a purchase, have the ability to apply their consumption choices to their deep set values.
For example, the lifestyle environment dimension of intentionality is the perfect example of how wise consumers make choices based on their values; they consider whether their purchase will reflect a larger overall lifestyle they wish to embody. The prospection component of contemplation I think is especially key to this. Wise consumers take the time to envision what this product may or may not add to their daily life, thinking about how it will realistically be used rather than ideally used. Even the growth mindset dimension of openness, shows that consumer choices are part of a larger effort to expand on knowledge or skills. In other words, what wise consumers are most likely to spend money on are things that either add or reflect their deeper values.
If I had to pick any product or service categories that wise consumers are most likely to spend money on it would be experiences. My reasoning behind this is that people have such a wide and diverse set of values, but a common thread across most people, cultures, and nations, are family values. Friendship values. In other words, valuing the relationships built with the people around them. One time product choices (such as clothing, cosmetics) tend to benefit only the consumer themselves. [Shared] experiences–whether that be vacations, a movie ticket, or even going out to dinner/buying groceries to make dinner at home–however, are what relationships are built off. That’s why if I had to pick any consumption category, it would be experiences because I think it (1) entails all 5 components of consumer wisdom and (2) reflect a larger values of most consumers.
Generally, I think one design principle that would serve the wise consumer is a renting before committing to purchasing tool. To elaborate, one thing I noticed to be potentially conflicting components of the five facets of wise consumer decision making, were the lifestyle environment component of intentionality and the prospection component of contemplation. The lifestyle environment component is concerned with wise consumers making active and thought purchases based on the lifestyle they want to live. Prospection involves the consumer envisioning the future outcomes of their product choices. So where is the issue? Psychologically, there is often a gap between what consumers envision their product to be idealistically and realistically. If I am deciding to purchase a compost bin, for example, I may envision myself living a lifestyle I want to live and value–one that is more sustainable for the environment and also makes me reflect positively on myself. It’s easy to make that purchase and envision that change. In practice, however, switching over to composting requires an innate behavioral change. It may be easy the first few days when it is exciting and new (as it often is with product consumption), but after a few days I may find myself going back to my habitual behaviors and not keeping up with the lifestyle I had envisioned for myself. This is just one example, but I think a common flaw of consumer behavior. That is why I propose a rental system of products, that way consumers are able to gauge realistically if the product (or really, the consumer themselves) really lives up to the expectations they have built up in their minds. This may be hard to enact with the service category I chose above, but I think is something that could be beneficial to serving the wise consumer overall.