Carsharing fleet returns to streets from parking lots
Sberbank’s analytical website SberIndex.ru has posted its analysis of the consumer activity of Russians between June 15 and 21, 2020.
June 23, 2020, Moscow — SberData, Sberbank’s big data analytics and procession lab, keeps working on a series of indicators to track economic processes with the shortest time lag possible.
Between June 15 and 21, the services sector became the driver behind spending improvements for the first time since the beginning of the “coronacrisis.” Additional expenses here amounted to at least RUB 30 bln, and the decline in this segment is now one third of what was seen in 2019 (–30.2% y-o-y). Back in April, the gap was much larger and reached –58% compared to last year.
The improvement in the last week is mainly caused by the removal of restrictions in Moscow. Demand has returned to cafes and restaurants, and the beauty industry keeps recovering too. In the Moscow metropolitan area, spending in the Beauty Parlors, Massage, SPA category more than doubled compared to the previous week.
The leader with the highest recovery rate both in Russia in general and in Moscow was the Car Rental segment, where spending also doubled w-o-w, which is associated with the return of car sharing. As a result, the fall slid to 57% against 80% seven days earlier compared to 2019.
Nevertheless, the total volume of the services market in Moscow and its region remains 28.8% below the levels of 2019. Medical Services and Announcements & Advertising are the only categories with spending nearing last year's figures. Spending in the beauty parlors, massage, SPA category are 15% lower compared to last year. The situation has two sides to it; on one hand, back in early June the decline here reached 82% relative to 2019 and the pace of recovery is certainly impressive. On the other hand, the work load business faces is already close to the relative maximum.
In general, between June 15 and 21, consumer spending remained approximately flat from the previous week. The fall was reduced to –6.5% compared to last year. The consumer activity index on SberIndex.ru, which characterizes the variety of categories of products and services in the consumer cart, grew from 73.0 to 73.5 points for the same period. Consumption in Russia is nearing inactive weekdays of 2019.
According to Sberbank’s data presented on SberIndex.ru, gross payrolls excluding healthcare and education in March and May lost 4.3% compared to February. This will act as an organic limiter to further recovery in consumption.
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 SberData lab ones.SberData laboratory is a Sberbank initiative designed to process and analyze big data. After aggregating data from payment processors and publicly available sources, bank experts unveil the quantitative characteristics of socio-economic processes in Russia on macroeconomic and microeconomic levels. Only anonymized data is used for analysis, which means no particular customers can be identified behind it. The lab and its studies do not disclose personal information or any trade secrets.