ABSTR　A　C　T　The　COVID-19　pandemic　has　profoundly　changed　how　consumers　live.　This　research　investigated　the　impact　of　the　pandemic　on　two　important　life　goals-material　versus　relational　goals-as　well　as　their　subsequent　con-sequences　on　consumer　subjective　well-being　(SWB).　We　conducted　a　three-wave　longitudinal　study　and　recruited　1567　participants　from　mainland　China　during　the　pandemic.　Cross-lagged　model　results　showed　that　consumers＇　perceived　threat　of　the　pandemic　was　positively　related　to　the　importance　placed　on　material　and　relational　goals,　which　conduced　to　divergent　effects　on　consumer　SWB.　Specifically,　the　greater　the　threat　consumers　perceived　in　the　pandemic,　the　more　emphasis　they　placed　on　material　success　and　social　relation-ships.　However,　pursuing　material　goals　had　a　negative　impact　on　SWB,　but　relational　goals　had　a　favorable　influence　on　SWB.　Our　findings　enhance　understanding　of　how　consumers＇　life　goals　changed　during　the　COVID-19　pandemic　and　offer　insights　for　marketing　in　the　current　and　future　pandemics.