In a significant move towards refining socio-economic analysis, Chrome DM proudly announces its adoption of the Indian Standard of Living Classification (ISEC). This strategic decision underscores Chrome DM’s commitment to providing accurate and insightful data to empower businesses, marketers, and policymakers.
The Indian Standard of Living Classification (ISEC) is a classification system developed by the National Sample Survey Organisation (NSSO) of India. It categorizes households based on their monthly per capita consumption expenditure (MPCE), providing a comprehensive framework for assessing living standards and poverty levels across different segments of society.
This adoption marks a pivotal moment for Chrome DM as it aligns with ISEC, further enhancing its analytical capabilities and ensuring compliance with industry standards. By incorporating ISEC into its methodologies, Chrome DM expands its socio-economic analysis toolkit, enabling more nuanced insights into consumer behavior, market trends, and demographic profiles.
NCCS (New Consumer Classification System) and ISEC (Indian Socio Economic Classification) are two different systems used in India for socio-economic classification. Here is a brief overview of each:
NCCS (New Consumer Classification System):
NCCS is a classification system developed by the Market Research Society of India (MRSI) to categorize households based on their socio-economic status.
It considers factors such as education, occupation, and ownership of consumer durables to classify households into various segments, such as SEC A, SEC B, SEC C, etc.
NCCS is widely used by market researchers, advertisers, and businesses to target specific consumer segments for their products and services.
ISEC (Indian Socio Economic Classification):
ISEC is a classification system developed by the National Sample Survey Organisation (NSSO) of India.
It categorizes households based on their monthly per capita consumption expenditure (MPCE) into different classes, such as Lower Class, Lower Middle Class, Middle Class, Upper Middle Class, and Rich.
ISEC is primarily used for assessing the living standards and poverty levels in India, as well as for policy-making purposes by the government.
“We are excited to announce our adoption of the ISEC,” said Pankaj Krishna, Founder & CEO of Chrome DM. “This strategic decision underscores our commitment to providing accurate and actionable insights to our clients. By aligning with ISEC, we aim to enhance the depth and accuracy of our socio-economic analysis, empowering businesses and policymakers with valuable data-driven insights.”
The integration of ISEC into Chrome DM’s analytical framework enhances its ability to deliver comprehensive socio-economic analysis tailored to the unique needs of clients across industries. This move not only strengthens Chrome DM’s position as a leader in analytics and research but also reinforces its dedication to excellence and innovation in the field.