Spending hits new height. New tracker on SberIndex.ru
The number of open cafés and restaurants was only 2% lower in the last week of August than in February, according to SberIndex.ru analysts. In general, consumer spending increased by 1% in this period, compared to 2019. According to early data, spending slightly increased by 0.2% in August, compared to last year.
Spending is close to last year’s results for the second month in a row. However, SberIndex analysts registered a significant improvement in the Cafés and Restaurants segment. Spending recovered by 86.9%, compared to 2019, from last week’s 78.2%.
Consumer activity index, calculated on Sberbank website SberIndex.ru, reached 77.1 out of 100 points last week. After the crisis, it hadn’t hit such a height before. However, SberIndex analysts noted that it is related to the spending variety, not to its volume. Ahead of the new school year, Russians bought different goods, and the index reflected it. The number of open outlets is growing. On August 24–30, this number increased by 2% compared to the average result in February 2020.
The analysts believe that the spending structure will also normalize. The growth of spending on goods that was registered during self-isolation and right after is decelerating gradually. According to early estimates, spending on goods in August increased by 5.6% y-o-y, and only by 4.6% on August 24–30. The spending on services is also on the wane. It lost 17.5% last month, compared to 2019, while last week it only slid 11.3% y-o-y. However, the drop can’t be considered an achievement, but this is a post-crisis maximum in terms of the absolute demand value. More details in our tracker.
When publishing the materials, a reference to SberIndex (www.sberindex.ru) is mandatory.
SberIndex.ru is an analytical website by Sberbank that illustrates how life in Russia has changed during the COVID-19 pandemic. Today, you can find three key indexes on the website, all of them based on anonymized data. These are an incidence model, the consumer activity index, and consumer activity changes. The all-new Business section features the evolution of gross payroll and change in small business activity. The website also has other studies, including all SberData lab ones.