The most recent version of the Market Research Society of India’s (MRSI) socioeconomic classification (SEC) system is now in use. According to the MRSI on Wednesday, the new system, known as ISEC, is in step with the evolving characteristics of the Indian home, which is becoming more educated and has a higher percentage of female workers.
The current socioeconomic classification is no longer as helpful because of the large increases in GDP, income, car ownership, and the penetration of consumer durables.
Sunil Kataria, CEO at Raymond Lifestyle, India and international, and chairman of The Indian Society of Advertisers, stated, “The economy is developing at a rapid pace. At such a pace it is even more important for us as advertisers to understand our consumers and their behaviour. ISEC is representative, relevant and robust. It gives us a holistic view of our audience segment and how they are equipped to make decisions.”
Amit Adarkar, CEO, Ipsos India, added, “Socioeconomic classification is the starting point for any planning or decision-making, and impacts almost all industries. NCCS was introduced at the time when digitisation was gaining momentum and women’s representation in household decisions was marginal. Our country has evolved greatly since then and it’s essential that we have an SEC that is equally evolved.”
“A better and deeper understanding of consumer cohorts is always appreciated. It gives brands the opportunity to identify and target consumers in a sharper manner and opens up avenues for sharper communications,” added Shashi Sinha, CEO at IPG Mediabrands India.
