Russians now more modest in spending. New consumer tracker on SberIndex.ru
From July 27 to August 2, Russians became more modest in their spending, according to the new tracker on the SberIndex.ru analytical portal. Although spending on non-food items is higher than last year, they have dropped sufficiently w-o-w.
Between July 27 and August 2, consumer spending decreased by 0.9%, as compared to 2019. SberIndex analysts registered a drop of 0.7% y-o-y in July. Last week’s negative dynamics contributed to the result. The spending in June would have been 6% compared to 2019 without the government stimulus measures.
When it comes to stores and the service industry, the number of open outlets was 2.2% lower last week than in February 2020. Finally, the consumer activity index published on SberIndex.ru is 73.0 out of 100 points, while the average metric in July was 76.5 points. According to the analysts, the consumer activity index was 82 points last year. More and more factors prove that the natural recovery of households’ spending finished in July.
During the last week of July, non-food items contributed to the worsening of the spending situation the most. Between July 27 and August 2, this category added 5.2% compared to +10.1% w-o-w. Growth decelerated in almost all large categories, especially in Clothing, Footwear, and Accessories (+3.9% y-o-y). The car dealerships category showed the best result (+15.1% y-o-y) as the demand was fueled by issues related to car offerings and risks of lacking certain models.
Between July 27 and August 2, the dynamics of spending for products and services changed insignificantly (+6.9% vs 2019 and –17.7%, respectively). Find more 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 ones.