Domestic consumption is a key pillar of India’s economy and a key contributor to GDP growth. It is driven by households’ situation of earning and by the spending choices that they make. Yet in India, we have very little household-level data and insight on earning, and even though we have some on spending and savings, there is no integrated data or integrated insight on the linkages between how India earns, spends, saves, lives, thinks, accesses public goods and infrastructure.
We also have a lot of ‘single point’ average estimates usually derived from macro-economic supply sided data. However, there is a lot of heterogeneity in Indian households and an ‘average’ is not worth much insight, especially when macro-economic data or supply side data is used to describe and analyse India’s consumer economy or citizen environment. The challenge therefore is to come up with an integrated model that factors in income data, product ownership data, demographics related information, psychographics, expenditure and savings data etc. to create a holistic, reliable and a multi-dimensional profile of today’s Indian consumer at a desirable micro level.