["Journal of Consumer Affairs, Volume 60, Issue 2, Summer 2026. ", "\nABSTRACT\nThis study examines how perceived gift value (PGV) is associated with subjective well‐being (SWB) among Chinese older adults during traditional festivals, drawing on Zhongyong thinking as a culturally grounded interpretive framework. Using a mixed‐method design, the findings reveal a dual‐pathway process in which PGV is linked to both independent and interdependent self‐concepts, which are in turn related to higher levels of SWB. Although both pathways contribute meaningfully, Zhongyong thinking asymmetrically shifts their relative psychological weight: it strengthens the relational, interdependent route while tempering the well‐being associated with independent self‐views. These results highlight that gift exchanges operate not merely as material transfers but as psychologically significant interactions associated with dignity, belonging, and emotional balance in later life. The study advances understanding of self‐concept processes in later‐life consumption and offers practical implications for promoting the well‐being of older adults in culturally embedded social contexts.\n"]