The paper provides four main results. First, consumption is positively associated with SWB. Second, only 7 out of 14 consumption categories are significantly associated with SWB. In contrast, DeLeire and Kalil (2010) find that only leisure consumption affects well-being. Table 9 shows in detail were the differences come from. Third, SWB is mainly influenced through experiential and conspicuous consumption, albeit materialistic consumption in form of personal care & clothing has the highest association with SWB. Fourth, instrumental variable estimation and endogeneity tests provide evidence for a causal effect of consumption on SWB. The results hold up to several robustness checks. The insights are probably not limited to the US case and should carry over to other affluent societies.