- A survey of 4376 people from 20 states
A common belief for village dwellers is that they are dependent on agricultural income but this is not the case. Only 19% of the consumers in the rural market depend on agricultural income. The remaining 81% of rural users depend on various sources for their income. Out of this 19% population dependent on agricultural income, 82% farmers mostly struggle with economic problems.
On the other hand, a population dependent on multiple sources of income faces comparatively less financial stress. That is, they are in a better position than the farmers. This has come out in 'Cantor-Group M Rural Barometer Report 24'.
Puneet Awasthi, Director (Special Business, Insights Division), Cantor, says the survey shows that the spending power of rural areas is increasing. The lifestyle is getting higher. This can be inferred due to purchasing convenience products despite economic problems.
A good sign; Demand for items including ready-to-eat, cold drinks in villages increased by 60% The size of the FMCG basket (food, beverages, cleaning products, plastic items, stationery etc.) in villages has increased by 60% from 5.8 to 9.3 this year as compared to 2022. There is a growing demand for ready-to-eat products and cold drinks. This is a pointer against a major change in lifestyle and spending power in rural areas. According to the Cantor-Group M report, Jammu and Kashmir (39%), Maharashtra (41%) and Odisha (26%) have seen a modest increase in MMCG growth. The survey was conducted among 4376 people in 20 states of the country.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
