LMRB launches “Wallet Monitor”, designed to track spending patterns of most Sri Lankan households
View(s):With the recent launch of LMRB’s Wallet Monitor, Sri Lankan marketers can now access an extensive database of the most sought after information areas that can significantly change the way marketers target their potential consumer, the research agency said.
“The Wallet Monitor provides a deeper understanding of spending priorities of Sri Lankan households by offering the user how and where people spend their money, what is important and relevant to them, on which categories they spend the most amount of money, and so on,” LMRB, Sri Lanka’s first research agency, said in a media announcement. “This is the first time that Sri Lankan marketing professionals would have access to such detailed household expense data which can be linked to Socio Economic Class (SEC), brand usage and psychographics,” said Himalee Madurasinghe (Chief Executive – LMRB).
Wallet Monitor is an innovative survey done by LMRB, giving an in-depth understanding of spending patterns of Sri Lankan consumers along with their brand preferences, demographics and psychographics. It serves as a handy strategic marketing tool enabling marketers to decode consumption priorities and identify untapped opportunities.”
The information in Wallet Monitor 2015 presents household level expenses over 90 categories, across Socio Economic Classes (SEC) A to E for all provinces in Sri Lanka.
“In future, what would become even more valuable for the Wallet Monitor subscriber would be the ability to identify changing expenditure patterns over time since it is planned to repeat the survey periodically.
Such findings would help marketers discover emerging opportunities in consumer spending. In addition to the expenditure patterns of the brand user, the report provides an in-depth understanding of trends in consumer behaviour by incorporating information from the LMRB Household Purchase Panel which tracks more than 2,000 FMCG brands,” the release said.