This paper explores the potential negative side‐effects of the sustainability movement in societies with large segments of materialistic consumers. Across three studies, there is evidence that a conflict between materialistic and green value profiles can arise in consumers. When it arises, it seems to be related to diminished well‐being. Study 1 shows that consumers with a higher value conflict (VC) experienced higher levels of stress. Consumers with higher degrees of stress then reported lower satisfaction with life. Study 2 reveals the underlying process by which this value conflict affects well‐being. The results suggest that the value conflict is related to a reduced clarity of consumers’ self‐concept (SCC), which in turn is related to increased levels of stress and a lower satisfaction with life. Results of Study 3 show that preference for consistency (PfC) serves as a boundary condition to this effect. The negative effect of VC on SCC is most pronounced among consumers high in PfC, while low PfC consumers seem to suffer less from the negative consequences of a conflict between green and materialistic values. Conceptual and public‐policy implications of these results are discussed.