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Russians feel the negative consequences of the crisis twice as often
Consumers in Russia have suffered more from the coronavirus than residents of other countries. According to research by analysts NielsenIQ, from September to January alone, the share of consumers with declining incomes doubled.
According to "Merchant", Now about 53% of Russians feel the effects of the pandemic. In the first half of 2020, the share of such consumers was 27%. At the same time, the world average is 46%. At the same time, 69% of residents are forced to save due to the crisis.
Analysts also studied the demand among residents of the country. In particular, 62% of respondents noted that they are ready to buy any product at a discount. Another 37% reoriented to their own brands of retail chains. And 20% choose the cheapest product in the category.
At the same time, the largest grocery retailers do not yet see a strong reduction in consumer spending, however, they note that the demand for stock goods, private labels has grown significantly.
As noted by Konstantin Loktev, director for work with retailers at NielsenIQ in Russia, in 2021 consumption in kind in Russia will not grow. In money, the growth of markets will only be stimulated by inflation.
Further economic recovery is possible only if there is no third wave of coronavirus. This means that demand and economic activity will depend, among other things, on the rate of vaccination and its effectiveness.