SberIndex: demand for clothes halts as it gets slightly warmer
Between February 15 and 21, consumer spending in Russia added 2.5% y-o-y, according to SberIndex analysts. Household demand has been growing fast for three weeks in a row.
In the past week, extra spending was seen in the food segment (+7.5% y-o-y).
Non-food retail still keeps adding 9.3% y-o-y, while the demand in the Clothing, Footwear, and Accessories category decelerated (+2.7% y-o-y after +22.1% y-o-y a week before that). Apparently, this demand was due to the unusually cold winter.
The demand in certain categories somehow revived (Beauty Parlors, Massage, SPA are down 3.5%; Entertainment is down 33.6%). However, the biggest segment – Cafés, Bars, and Restaurants – saw no improvements (–23.4% y-o-y).
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).