Substantial research indicates a negative relationship between excessive consumption, namely materialism, and consumer well‐being (CWB). Since anti‐consumption is contradictory to materialism, and materialism has a negative relationship with CWB, logically, anti‐consumption should have a positive influence on CWB. To explore this relationship, we review the literature on anti‐consumption, materialism, and CWB, and ascertain the most prominent values by which anti‐consumption and materialism differ. We then develop a framework based on four constructs (1. Control over consumption; 2. Scope of concerns; 3. Material desire; 4. Source of happiness), conceptually highlighting how anti‐consumption and materialism differ in terms of CWB. Qualitative data and content analysis of online blogs, forums, and websites provide preliminary support for our propositions. Finally, we conclude with some implications for managers and policymakers.