The Good Life in Today’s World
Today’s vision of The Good Life has surely evolved. To ascertain how U.S. society conceives of The Good Life, this research study adopted a two-phased approach: The first portion consisted of a qualitative survey that generated 2,145 U.S. adult respondents, asking, in an open-ended format, what The Good Life means to them today. This qualitative data was then used to develop a quantitative survey, which asked a statistically valid panel of 1,000 adults representing the general population across the U.S. to prioritize various elements of The Good Life they aspire to today.
Cash Plays a Role But Is No Longer King
While many U.S. consumers (62%) say that financial concerns prevent them from achieving what they consider to be The Good Life, there is a strong, emerging recognition that money alone does not buy happiness. In fact, 78% agree with this exact statement. Over half (52%) agree that it is insufficient to wield a large enough checkbook to buy whatever they want.
When it comes to what dream about doing with their money if/when they have it, only a quarter (26%) see the classic measure of status — the ability to purchase luxury items — as an accurate indicator they are living The Good Life.
As our world becomes increasingly fast-paced, complex, and confusing, it is no surprise that so many are seeking a simpler lifestyle and are reassessing their personal definition of what it means to be “rich.”
The Business Case is Clear
The business case for supporting The Good Life is clear. This opportunity to engage with people on a deeper level will increase their loyalty, advocacy and (ultimately) purchases. It is undeniably tied to the bottom line. Failing to engage will put brands at an increasing disadvantage. Already, 29% of individuals in the United States refrain from making purchases that are incongruent with their conceptions of The Good Life, and 28% spend money on products or services specifically because they are aligned. 16% of U.S. consumers take the time to learn about a company before they agree to be customers, and 21% actively advocate for those that they support.
didn’t purchase something due to lack of fit with The Good Life
purchased something because it fit with The Good Life
advocated for companies they support
learned about a company before doing business