Quality of life has greatly improved since the 1970s.
Consumer goods have generally fallen in price (adjusted for inflation) while improving in quality relative to the 1970s, so we have become wealthier (using PG's definition of wealth):
Televisions, computers, smartphones, clothing (mass-produced apparel is cheaper due to global supply chains and automation), household appliances (items like refrigerators, washing machines, and microwaves are less expensive relative to income), air travel, telecommunications, consumer electronics, automobiles, furniture have fallen in price and gone up in quality.
Housing and healthcare are two items that have gone in the opposite direction. I think this is where AI and robots will make a difference. Houses can be 3D printed [1] and nursing and medical advice can be made cheaper using AI/robots as well.
[1] https://www.youtube.com/watch?v=dXUX6dv2_Yo