SberIndex: non-food retail keeps growing
Since mid-January, that is, after the “long holidays”, changes in the structure of expenses have been growing smaller every week. Non-food retail, including online sales, continues to grow at a close to double-digit rate (+8.6% y-o-y).
The demand in the service sector is stagnating (–16.6% y-o-y). Apparently, one can point out a steady change in consumer behavior as a result of the pandemic.
The number of active outlets also stabilized. Like a week earlier, it is 4.6% higher than last February.
The Contractual Services category is still the fastest growing one among Russian spending items between February 8 and 14 (+39.8% y-o-y). The second and third place in the “growing area” are the expenses on computers and software (+22.6 y-o-y), as well as clothing and footwear (+22.1% y-o-y). Although spending on airline tickets is declining (-57.6% y-o-y), from February 1 to February 7 the decline was much sharper, bringing the weekly growth in this category to 17.7 pp. The Jewelry category added 10.1% y-o-y in the week ending Valentine's Day, and a week earlier it added only 0.2% 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).