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 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 analyze 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.
PRICE is committed to creating the ICE 360° data platform to capture how India earns, spends, saves, lives, accesses infrastructure and thinks about the future. It involves running representative pan-India surveys at periodic intervals. A truncated ‘mini version’ of ICE 360° has already been completed in December 2014 and the data views are available in the public domain. ICE 360° Survey 2016 is currently in the household listing phase.
Based on a research theme (sponsored) every year, thin-round surveys will be conducted on sub-samples from the pan-India panel of households every alternate year. Specific panel surveys across stratified geographies (region, state, town, class, consumer segments) are to be conducted based on needs of individual clients/industry verticals/GOI.
Selective bespoke projects are done primarily for the government (policy research), specific industry associations or large corporations to look more closely at specific aspects of the economy.
International collaboration primarily with research facilities and renowned consulting firms. Collaborators mobilise research grants with PRICE as the Indian partner and have access to our facilities, resources and time, series, data.
The “ICE 360° Survey” provides Indian policy makers, manufacturers and distributors of goods and services with a disaggregated demand side view of consumer behaviour to enable informed business strategy development, regulatory response and policy formulation. Dissemination to be done through seminars and conferences and via extensive collaboration with leading dailies and publications.
Survey based reports, mass market publications, and sectoral reports are available off-the-shelf and written by industry experts using “ICE 360° Survey” as the research secretariat. Business briefs, occasional papers and periodicals are produced in-house and made available online for subscription.