Russian consumer spending close to pre-crisis levels

RUSSIA / FSU POLITICS - In Brief 18 Jun 2020 by Alex Teddy
On June 17 Sberbank released statistics for consumer spending last week. Spending on items in the first week of June was only 8% below what it was in June 2019. In the second week of June spending on goods was 4% above the same week in 2019. Spending on services is still lower than usual. Rosstat is the statistical agency. Its statistics are a little less rosy but the story is still the same.When Russia lifted lockdown consumers were at first circumspect about spending. However, they have got back into the habit of spending. Stores, restaurants and beauty salons are open. The coronavirus response has now been left up to the regions. Each region will do what it thinks is right in view of the health and economic situation. In Moscow everything is open but masks and social distancing are in place. Restaurants and cafes opened their outdoor spaces on June 16.SMEs are still suffering from the impact of coronavirus. Small business activity is 29% below the same period in 2019 according to Sberbank. Moscow SME activity is 38% below the same period in 2019.People are showing a marked preference for cheaper goods. People are dining out less than usual.

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