Consumer Price Analytics and Forecasting Collaboration
Consumer Price Analytics and Forecasting Collaboration
Description:
This project aims to leverage data from retail, hospitality, and real estate sectors to create a real-time Consumer Price Index (CPI) monitoring system. This collaborative effort will help to track inflation trends, inform policy, and optimize consumer spending patterns in Abu Dhabi.
Objectives:
• Enable accurate and timely CPI reporting.
• Forecast consumer price trends and inflation impacts.
• Support economic stability through informed policy decisions.
Socio-Economic Impact:
• Government: Enhanced economic policy-making and fiscal planning.
• Private Sector: Optimized pricing strategies, better consumer demand insights, and informed business planning.
Potential Datasets:
• Transactional data from POS systems across multiple retail chains.
• Consumer loyalty program data showing purchase patterns and frequency.
• SKU-level data from online retail platforms (e-commerce).
• Pricing for hotel accommodations, room occupancy rates, and booking trends.
• Menu pricing trends from restaurants and catering services (seasonality impacts).
• Travel and tourism package pricing, including dynamic pricing models.
• Property rental and sale prices segmented by residential and commercial categories.
• Data on real estate price fluctuations based on location and sector (e.g., luxury, affordable housing).
• Data on utilities and maintenance costs associated with property management.
• Consumer spending patterns from credit card data, categorized by sector (e.g., food, housing, leisure).
• Mortgage interest rate trends and their impact on housing affordability.
• Consumer debt data, particularly for mortgages, credit cards, and loans.
Potential Stakeholders:
Retail Sector, Hospitality Sector, Real Estate Sector, Financial Services,
Code: Economy
Sustainable Development Goals (SDG):
International Best Practices:
International Best Practices: Australia uses CPI data collaboration with retail sectors for real-time inflation tracking.
How to get involved?
D4G Alliance initiative facilitates win-win collaboration between relevant stakeholders where privately held data are utilized to produce actionable insights for the public interest in the Emirates of Abu Dhabi.
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