The government can now have an accurate record of which goods people spend the most on in the country, which things are purchased the most and what are the shopping habits of consumers in different states. The central government is considering starting the country’s first retail consumption survey. The purpose of this survey is to understand the purchasing patterns of consumers across the country and to collect detailed data related to the retail market.
According to the information, this survey will be conducted by the Ministry of Statistics and Program Implementation (MoSPI). However, a final decision has not yet been taken on when it will be started. The ministry is currently working on its scope and timeline.
All types of shops will be included
The proposed survey will include almost all types of retail businesses falling under National Industrial Classification (NIC). That is, data of grocery stores, supermarkets, utensil shops, machinery stores, medical stores, clothing stores, electronics showrooms and other retail business related establishments will be collected.
In this survey, records of sales of consumer durables like TV, fridge and washing machine as well as non-durables like food grains, medicines and clothes will also be kept. The objective of the government is to know which types of goods are in highest demand in different states and cities.
How will it be different from the existing survey?
This new survey will be different from the existing Household Consumption Expenditure Survey (HCES). In HCES it is seen how much goods a family used in a certain period. Whereas the Retail Consumption Survey will keep a record of how much goods were actually purchased from the shops.
Suppose a family bought one kg of rice, but used only 500 grams in a month. In HCES, consumption of 500 grams will be recorded, while in the new retail survey, the entire one kg rice sold by the shopkeeper will be recorded. With this, actual demand and sales in the market can be estimated more accurately.
Digital payment figures are giving strong signals
The trend of consumer spending is also clearly visible due to the increasing use of digital payments in the country. According to data from National Payments Corporation of India (NPCI), digital transactions worth about Rs 79,705 crore took place in grocery stores and supermarkets in the month of June.
During the same period, digital transactions worth Rs 12,428.8 crore were recorded in medical stores and pharmacies, Rs 11,792.9 crore in men’s and women’s clothing stores, while Rs 7,059.8 crore were recorded in family clothing stores. These figures show that consumer spending in the retail market in the country remains strong.
Will help in making policy
Experts believe that this survey will help the government a lot in taking decisions related to consumer demand, inflation, production and supply chain. Also, it will be easier for the industry and businessmen to understand which products are in demand and in which areas there are new business opportunities.
MoSPI aims to produce more accurate and useful official statistics by combining survey data with government records, administrative data and new technologies. With this, the government will be able to make future economic policies and welfare schemes more effectively.
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