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Beyond “HHI”: Redefining Consumer Households, Wealth and Purchasing Power
October 16, 2024
In March 2024, Quest travelled to Quirks Chicago, presenting further information about household income with Lara Fordis
Every U.S. consumer survey conducted asks the same question: “Which of the following represents your annual household income?”
But both parts of that phrase – “households” and “income” – have undergone massive changes in the U.S. in the past 5-10 years. Households have grown dramatically in the number of single parents, multi-generational, and blended family numbers, as well as multiple non-related people living together. Real incomes have remained largely stagnant for 20 years while inflationary pressures have seriously eroded buying power. And yet researchers of all types ask the same question the same way we have for decades.
Quest undertook a critical investigation of how researchers should be viewing “household income” and these changing conditions. Working with Fordis Consulting, we explored the statistics and trends behind these changes, and how researchers can make several simple adjustments to gain better information and deliver better insights.
Take a look!
Feel free to reach out to Scott at sworthge@questmindshare.com to discuss more about our work in researching B2B best practices and how you can use our results to advise your stakeholders and clients.
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