SberIndex: Russians spend less during sales
Between November 9 and 15, consumer spending remained depressed, losing 7.7% y-o-y following an 8.3% y-o-y decline a week before, SberIndex analysts say.
Over the week, the entire decline accounted for non-food items (‒2.2% y-o-y), especially affecting Department Stores (‒4.9% y-o-y).
This is due to the low consumer activity during the global sales on November 11. On that day, spending was 45% lower than in 2019, which affected the week’s total spending. The weak demand during the Chinese holiday called the Singles’ Day contributed to the overall change (–1.2 pp).
The decline is maintained in the Clothing, Footwear, and Accessories category (–5.4% y-o-y) and was spotted in the Building and Home Improvement Goods segment (–1.8% y-o-y), which is unusual amid the pandemic.
The consumer activity index tracked by SberIndex.ru rebounded to 73.8 points over the week. This is much closer to the normal value than the last week’s one.
The number of active businesses started rebounding on November 9-15 after being on the wane for two weeks. The total number of active points of sale is 3.5% higher than in February.
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 SberIndex lab ones (former SberData).