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The paper explores the consumer value of materialism in Indian socio-cultural milieu. The construct validity of the Richins & Dawson (1992) scale of materialistic values is established and relationship of materialism with the constructs of happiness, life-satisfaction, and religiosity is assessed using data collected from 252 respondents through a self administered questionnaire. The research methods used for analysis included MTMM approach for construct validation and correlation analysis for assessment of relationships. The analysis revealed that the Richins & Dawson (1992) scale has acceptable reliability, convergent validity and discriminant validity leading to construct validation. Further, while materialistic tendencies do not influence happiness and religiosity, it actually enhances the life-satisfaction level. The results have utilitarian value in terms of target market profiling, product positioning and designing of advertising appeal.