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This paper seeks to establish a theoretical foundation for a personality trait index based on the intrinsic motivation of an individual to engage in imaginative thinking in the consumption process. This index is called the Need for Imagination (NFI) and constitutes a component of a theoretical model called the imaginative-experiential-planning (IEP) model. This model serves as a basis to explore the underlying motivation of an individual to use their imagination in purchase planning when product knowledge and experience is limited. This paper discusses many of the different perspectives on imagination theory and then seeks to establish the NFI, which is a unidimensional construct, designed to examine an individual's intrinsic propensity to engage and enjoy the utilization of their imagination as an information processing mechanism. The IEP model is established to describe the role of imagination within the context of consumer behaviour. This model seeks to integrate the roles of personality, self- concept, environment, culture and resources into a parsimonious whole. As this is a theoretical paper, many of the scales pertinent to the theoretical aspects discussed are still in the process of development to be tested utilizing structural equation modeling at a later stage.