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This article studies the influence of leisure consumption on the subjective well-being of consumers by taking into account the moderating role of the level of involvement. It proceeds through a qualitative study based on interviews with five experts and twenty consumers with varied profiles, then a survey on a convenience sample of 250 individuals. Research hypotheses are tested using structural equations. The results show that leisure consumption has a positive overall influence on well-being. But the dimensions of this variable have varying influences on well-being. Family leisure activity and cultural outings have a non-significant negative influence, while games and sports have a positive and significant effect on subjective well-being. Involvement has a positive and significant effect on the relationship.