Now you will know who is buying what! Government will collect complete data of retail market

Knews Desh- Now the government is planning to prepare a detailed record of how much people spend on which items in the country, which types of items are in high demand and what are the purchasing habits of consumers in different states. Central Government is the country’s first retail consumption survey Thinking of starting. Through this survey, data related to actual sales and consumer behavior in the retail market will be collected.

Conducting this proposed survey Ministry of Statistics and Program Implementation (MoSPI) Will be done by. However, a final decision has not yet been taken regarding the start date of the survey and its detailed format. The ministry is currently working on its scope, process and timeline.

All types of retail businesses will be included

The proposed Retail Consumption Survey will cover almost all types of retail businesses across the country. Under this, information will be collected from grocery stores, supermarkets, medical stores, clothing stores, electronics showrooms, utensils shops, machinery stores and other retail establishments.

The aim of the government is to find out which products are being bought the most by consumers in different parts of the country and what kind of demand is there in the market. The survey will also include data on sales of daily necessities such as grains, medicines, clothes and household items as well as sales of consumer durables such as TVs, refrigerators, washing machines and other electronic products. Retail Consumption Survey Current Household Consumption Expenditure Survey (HCES) Will be different from. In HCES, information is collected about how many items the family uses and how much it spends on them in a given period.

At the same time, the new retail survey will prepare a record of sales directly from shops. For example, if a family bought one kilo of rice from the shop and later used only half a kilo of it, then the consumption in HCES may be recorded as half a kilo. But in the Retail Consumption Survey, one kilogram will be recorded based on the sales of the shopkeeper. With this, the actual demand and sales situation in the market can be estimated more accurately. The increasing digital payments in the country have also helped in understanding the trends in the retail market. Digital transaction figures show that people are continuously spending on everything from everyday shopping to clothes and health related needs.

According to data from the National Payments Corporation of India (NPCI), a large amount of digital transactions were recorded at grocery stores and supermarkets in the month of June. Apart from this, the use of digital payments has also increased rapidly in medical stores, clothing shops and other retail establishments. These data can help the government understand consumer spending patterns. Experts believe that the Retail Consumption Survey will help the government in taking decisions related to inflation, production, supply chain and market demand. This will make it easier to understand which products are increasing in demand and in which areas consumer spending is weakening.

This data can prove important for the industry also. Companies will be able to better understand consumer preferences and market needs. MoSPI aims to produce more accurate economic statistics by combining survey data with government records, administrative data and modern technology. This will provide a better basis to the government in making plans and implementing policies in the future.