Money can't buy them love

American Demographics, Feb, 1996 by Paula Kephart

Affluent Americans report that money can buy them lots of things, but not time or happiness.

In at least one way, the rich are not so different from the rest of us. They, too, are limited to 24 hours a day. And if they had more time, they would spend it with their loved ones.

Affluent Americans overwhelmingly report that family and friends provide the greatest satisfaction in their lives. Seventy-two percent of respondents to a survey conducted by Roper Starch Worldwide for Conde Nast Publications name family as a primary source of satisfaction; half cite friends and associates. The study interviewed a national sample of 1,000 adults with annual household incomes of $100,000 or more. Just 1 in 20 respondents says that their wealth is the thing that gives them the greatest satisfaction in their lives.

People with money value time as much as the rest of us. When asked what they would do with an extra five hours a week, 40 percent say they would spend it with family. Thirty-six percent would exercise, and 20 percent would specifically devote themselves to sports. Twenty-seven percent would read or watch movies or TV, and 30 percent would simply enjoy time to themselves. An exhausted 15 percent would sleep.

Even though the richest person in the world can't buy those five extra hours a week, understanding the psychic needs of affluent consumers can help shape advertising messages directed toward them. While it seems clear that appealing to this group's sense of family makes good marketing sense, the power of sex in advertising is more mysterious. Only 9 percent of respondents say they would use an extra five hours a week for sex.

The survey "is intended to be a stimulus for marketers targeting the affluent," says Michael Clinton, senior vice president of group sales and marketing for Conde Nast The company will track affluent consumers over the next two years. The current report, New Accents on Affluence, is available for $25 from Stephen Jacoby, Conde Nast Publications Inc., 350 Madison Avenue, New York, NY 10017; telephone (212) 880-8800.