Augmenting the Household Affluence Construct

Abstract

Marketers often use net worth or income as indicators of household affluence. Unfortunately, net worth is problematic conceptually and quantitatively, and income alone is insufficient because it overlooks household heads’ tendency to behave and think affluently. A comprehensive affluence construct should include lifestyle and psychographic components as well as an income and/or net worth component. To explore the domain of this richer construct, survey data from a sample of households disproportionately stratified by income were collected and analyzed. The results suggest that a formative index combining sets of objective and attitudinal indicators better captures the affluence construct than either set of indicators alone.

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