Comprehending “Contemporary Sri Lankan Consumer”: Commendable contribution

I read with much delight a book we were waiting for. As the apt title says, “Contemporary Sri Lankan Consumer: Insights into Emerging Behaviours and Value Propositions.” The coveted collection of information, insights and intellectually stimulating discussion provides a plethora of patterns pertaining to Sri Lankan consumers. Today’s column is a reflection of the salience of it, as opposed to a formal book review. 

Overview

“Every man is a consumer, and ought to be a producer. He is by constitution expensive, and needs to be rich,” so said Ralph Waldo Emerson. The starting point is a clear and comprehensive understanding of who you are and who you serve. Dr. Asanga Ranasinghe, Director, Postgraduate Institute of Management (PIM), Dr. Ravi Bamunusinghe, Faculty Member, PIM, Yash Nak, multi-faceted professional and Janaki Bamunusinghe, a market researcher, have joined together in providing us a profound picture of the contemporary Sri Lankan consumer. 

As they mention in the Prologue of the book, “with changes in the total fertility rate, rapid aging, and increasing migration on the social front, alongside digitisation, gig work, and an entrepreneurial spirit on the economic front, the country is experiencing a significant shift in its social and cultural fabric.” With such a transformation marked by drastic lifestyle changes, particularly among younger generations, they have seen “a growing need to re-evaluate market segments and develop innovative products and services tailored to their diverse and evolving needs.” 

The main objective of the book, according to the authors is “to provide a comprehensive overview of the recent developments in consumer behaviour in Sri Lanka, including shifting demographics and socio-cultural changes that have led to the emergence of a “contemporary consumer.” As they further observe, “over the past five decades, the country has witnessed a rapid digital transformation, characterised by increasing smartphone usage and expanding internet access” and “this technological revolution has also facilitated enhanced productivity, global connectivity, and innovative solutions, ultimately reshaping modern life and work for today’s tech-savvy Sri Lankan consumers.”  

Diverse sets of “Man” into the forefront 

It is interesting to note the use of the term “Man” to depict a dimension of contemporary Sri Lankan consumers. In following the traditional usage of “Man” referring to both genders, the authors have described “Composite man,” “Economic Man,” “Social Man,” and “Cultural Man” in great detail. As they state, “to demystify the profiles of consumers in Sri Lanka, it is pertinent to first define in clear terms what characterises each profile.” 

It reminds me of my mentor late Prof. Uditha Liyanage who authored the ground-breaking book, “Profiling of Sri Lankan Consumer” way back in 2009, The authors have give due respect and to his seminal work and expanded the approach which is rich with current contextual relevance. As Prof. Liyanage observed, the “Composite Man” is the one associated with the ageing population and the ongoing trend of smaller families influence changes in the family life cycle, a key determinant of consumption patterns. “This, in turn, will have implications for choosing target markets, designing suitable products and services for each relevant life-cycle group, and developing appropriate marketing plans” observe the authors. 

Composite Man 

According to the authors, the purpose of studying the “Composite Man” involves examining recent demographics, including the population mix as represented by a population pyramid, along with emerging patterns in Total Fertility Rate, Life Expectancy, Mortality Rates, and Retirement Age, among other factors. Another factor that needs investigation is both internal and overseas migration, which has become a concern in recent years.” All the above factors determine aspects such as effective size of the family and a technical term referred to as the Singulate Mean Age at Marriage (SMAM).

The book contains many graphs and statistics highlighting the salient features of the “Composite Man.” The authors in highlighting the implications have stated that the demographic shifts and interconnected trends, as personified in the composite man are a result of the country’s economic and development trajectory, which has contributed to better education, enhanced healthcare, and improved living standards. They are also of the view that the “Composite Man” is typically characterised by traits of isolation, dependency burden, and an ageing population.” 

Economic Man

As the authors observe, “the contemporary “Economic Man” is shaped by the evolving interplay of income, expenditure, and occupational trends. At face value, there is a rapid increase in the informal economy, driven by digitalisation, gig work, and the growing influence of social media culture. They have taken into consideration the scope and popularity of social media that have expanded through various platforms and technologies, leading to greater awareness among today’s consumers. According to them, this increased awareness, characterised by its nuanced and complex nature, distinguishes the modern “Economic Man” from earlier representations. 

“The evident polarisation between the affluent and the economically disadvantaged, including the impoverished, is becoming more and more pronounced with the economic downturn in the country” opine the authors with convincing facts and figures. They are also of the view that the “noteworthy sociological trends are emerging, driven by the shifting economic landscape of the nation, within specific segments of society, exerting a growing influence on the wider community.”

Social Man

It is interesting to note the way the book highlights the evolving economic conditions of the country, alongside the increasing social and spatial disparities that are becoming ever more apparent, which shape the emergence of the “Social Man.” Related aspects such as “traditional middle class,” “new urban middle class,” “traditional working class,” “alienated rural youth,” and “new working class” have been comprehensively dealt with the use of appropriate statistics and data. 

As the authors observe, “It is undeniable that the “new urban middle class” despite its numerical insignificance, is progressively gaining significance in both economic and ideological aspects. “However, the “traditional middle class” and the “alienated rural youth” subtly oppose the position and the growing influence of the above category. While the “traditional working class” is actively striving for recognition and integration within the socio-economic framework of the country, aiming to establish its place in the dynamic consumer landscape.” It is interesting to note that the future trajectory of the socio-economic environment is yet to fully unfold.

Cultural Man

“The concept of ‘Cultural Man’ is defined by the evolving cultural and religious dimensions of today’s consumer, driven largely by increased exposure through television, the internet, and the rise of social media platforms such as Facebook, Instagram, TikTok.” Observe the authors. As we have seen, these platforms have had both positive and negative impacts on the cultural and religious fabric of Sri Lankan society. 

According to the authors, the “Cultural Man” of today has unlimited potential and inexhaustible energy, with an optimistic outlook. As it is essential for transformation, the book highlights the presence of an opportunity for the private sector to provide opportunities for youth by recognising their multiple intelligences and abilities, as well as their entrepreneurial spirit and then channelling these to productive use. “This approach can help steer today’s young men away from the limited occupations such as ‘tuktuk drivers’ and guide young women toward careers that transcend traditional salon services” observe the authors. 

Further reflections 

With a much-detailed presentation of the profiles of the contemporary Sri Lankan consumer, the authors have emphasised the role of the private sector as the ‘key driver of economic growth.” As they opine, “it must transcend traditional market boundaries by gaining a deeper understanding of peripheral socio-economic realities, forming strategic partnerships with policy initiatives, and adopting inclusive employment practices that address rural youth aspirations.” According to them, it may also be opportune for businesses to pursue expansion into emerging sectors such as modernised agriculture, robust and accessible tourism infrastructure, technology-driven commerce, and knowledge-based industries to unlock untapped growth frontiers.

As they further observe, “failing to take proactive measures could deepen disillusionment among educated rural populations, potentially undermining the economic foundations that support private sector growth.” They conclude that a proactive engagement with these challenges is not merely a moral obligation but an existential imperative for maintaining long-term market relevance and stability. 

Veteran authors 

It is worthwhile mentioning about the four veteran contributors. Dr. Asanga Ranasinghe is a professional with over 30 years of experience in both industry and academia, demonstrating proven leadership success both in Sri Lanka and on the international stage. He has been and still is a statutory director in numerous boards both in Sri Lanka and overseas. He possesses close to a decade long postgraduate teaching experience and contributes to continuous professional development of self and others in the fraternity in management, marketing, and strategy. 

Dr. Ravi Bamunusinghe has more than four decades of industry experience and is the Founder of SLSME, a Business Adviser/Coach, He is credited with initiating two (global and local) business research agencies in Sri Lanka that cater to local, international, and multinational companies, providing strategic direction and brand/product positioning. He is a member of the founding team of the Chartered Institute of Marketing (UK) Sri Lanka. 

Yash Naik is a multifaceted professional with a diverse background and 24 years of experience in corporate management and compliance. His primary areas of focus include human capital management and ensuring adherence to social, ethical, and environmental standards within an organisation. 

Janaki Bamunusinghe is trained and qualified in Information Sciences and has made significant contributions to the field of market research in Sri Lanka. Currently, she is dedicated to enhancing the physical and mental well-being of Sri Lanka’s ageing population through the introduction of Sensory Wellness. 

Way forward 

Having gone through the details of a book of delicacy for the avid reader, not only representing the marketing fraternity but any other, I have broadened my understanding about the contemporary Sri Lankan consumer. As the four authors intended, it has offers “insights into emerging behaviours and value propositions.” Such inspiration will contribute immensely to the betterment of the socio-economic and religio-cultural fabrics of our reviving nation.  

(The writer, a Senior Professor in Management, and an Independent Non-executive Director, can be reached at [email protected], [email protected] or www.ajanthadharmasiri.info.)