SberIndex: Russians’ interest in shopping, beauty parlors, and other spending categories waning
SberIndex analysts claim that from September 28 to October 4 consumer spending kept declining and lost 0.7% y-o-y. In September 2020, household spending slid 0.8% y-o-y.
The consumer activity index compiled by SberIndex.ru dropped to 75.9 points from 77.2. According to experts, this is a sign of weakening consumer diversity as a response to COVID-19 risks.
Thus, the spending evolution has synchronized with changes in gross payrolls, which in September lost 1.1% y-o-y.
Last week’s top performers in terms of consumer spending are Computers and Software (+64.8% y-o-y), Contractual Services (+35.6%; the category includes companies doing home repairs, replacing windows, etc.), Telecommunications Services (+23.3%), Department Stores (+21.0%; major online venues), and Medications and Healthcare Products (+14.6%).
Lower spending, as compared to 2019, is quite predictable in Russia. The demand mostly plummeted across hotels (–61.7% y-o-y), duty-free stores (–59.5%), entertainment venues (–48.8%), travel agencies (–46.0%), and airline tickets (–44.5%).
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).