Russia consumer spending down

RUSSIA / FSU POLITICS - In Brief 01 Dec 2020 by Alex Teddy

On Black Friday there was a 39% YoY fall in spending in stores. By contrast some e-commerce sites reported sales bonanzas. Online shopping was 61% more than on a typical Friday. That is still not enough to compensate the retail sector for the collapse in in-person shopping. Wildberries and Ozon are the biggest e-commerce sites. Both almost doubled their Black Friday sales YoY. That is partly through the growing shift to online shopping that started before coronavirus.Russia does not have a second lockdown but some regions do. Workplaces are open. The aim is to avoid economic harm.Stores really strove to promote Black Friday. The US shopping holiday is widely recognized in Russia. Sales are still worse than in February 2020.Retail spending in October 2020 was 2.4% down YoY.

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