MRSI to change system of consumer classification

To suite the fast-changing consumer landscape in the country, the Market Research Society of India (MRSI) is mulling a new system of consumer classification.

The system will replace the existing and widely-used consumer classification "" 'Socio-Economic Classification' or what is popularly known as the 'SEC', said MRSI president B V Pradeep, after inaugurating the Bangalore chapter of the MRSI, the apex body for the market research industry.

"Work on the new system of consumer classification is in its last stage and will be launched next month," he added.

The present classification is dated and a new system is being developed. The new classification will account for the changing socio-economic conditions of the new Indian consumer. The consumer classification of the MRSI is the benchmark for consumer classification in the country, he further added.

Earlier. Pradeep, who is also the vice president of consumer and market insights, HLL, for Asia region, inaugurated the Bangalore chapter of the MRSI. Bangalore is only the second city in the country to have such a privilege.

The MRSI, which is headquartered in Mumbai, hitherto had a chapter only in Delhi. This is an indication of the growing importance of Bangalore as a consumer market.