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Southern African Business Review

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The use of personal values in living standards measures

LM Ungerer, JPR Joubert

Abstract


The Living Standards Measure (LSM), a South African marketing
segmentation method, is a multivariate wealth measure based on
standard of living. This article reports on whether a rationale can
be found for the inclusion of psychological variables, particularly
personal values, in this type of multivariate segmentation. Schwartz’s
(1992; 2006) values model was used to operationalise personal
values.
15Data were collected by means of a survey from a nationally
representative sample (N = 2 566) of purchase decision-makers. The
Portrait Values Questionnaire (PVQ) (Schwartz, Melech, Lehmann,
Burgess, Harris & Owens 2001) was used to measure personal
values. Centred value scores were used to statistically control for
variation among respondents in rating themselves on the PVQ. The
10 LSM groups were collapsed into four LSM super groups to provide
a more rigorous analysis of measured personal value diff erences
between LSM groups. The statistical analyses included descriptive
and inferential statistics. 16 The findings in general supported Schwartz’s theory of basic human values. Respective values could be allocated among diff erent wealthbased consumer segments, which explained variances between these groups. It would be advisable to further investigate how
these diff erences can be applied in marketing. Although the LSM
segmentation approach has been adapted somewhat, the principal
fi nding of this research remains applicable.



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