Russian consumer spending down

RUSSIA / FSU POLITICS - In Brief 04 Nov 2020 by Alex Teddy
Russian shoppers spent less in early October 2020 than in any month since late May 2020. The second wave has scared people off main street. Economic woes have also slowed online shopping. Spending was down 11% Y o Y in the first week of October according to the Sberindex. Spending in bars and restaurants was 50% down. Medicines are one of the few growth areas: up 33%.The current figures are worse in comparison to May than they first appear. In May lockdown was strict. Now there is only a semi lockdown. The government is not reintroducing lockdown lest it wreck the economy. In Moscow businesses must make sure that at least 30% of the workforce work from home. Over 65s have to stay in. Mobility is only 49% of the usual level.

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