Russians are Saving on Purchases in Stores
OREANDA-NEWS. The direct consequence of the coronavirus and the associated drop in incomes has been the savings Russians have on purchases. It is noted that Russians began to massively save on everyday goods. This is the conclusion reached by the research holding "Romir". They calculated that in November this year, Russians' expenses were 1.6% less than last November. And this is without taking into account inflation, which sharply accelerated in the last month to 4.5%, and some goods (for example, sugar and sunflower oil) added tens of percent.
According to sociologists, people with low incomes started saving the most. Their expenses fell 4% in nominal terms. If you add in the rise in prices, it turns out that the purchasing power of many Russians has fallen by almost 10%. This is a lot.
As Inna Karaeva, executive director of Romir, explains, the current situation is strikingly different from previous years, when the November sales led to a structural increase in costs. This year, buyers have compensated for the temporary cost increases during Black Friday with savings.
Moreover, in the first half of the year, in spite of self-isolation, expenses were mainly growing. And in the second half of the year, the opposite trend appeared. According to experts, this may be due to two factors. First, in the spring and early summer, families with children received free aid from the state. Secondly, many borrowers did not pay on loans, which were allowed to refinance for up to six months. Now most of them have had to return to monthly payments, and no additional assistance from the state is expected yet. So many began to save, especially on the eve of the New Year and the inevitable holiday purchases.
In these conditions, the government should think about how to support people with low incomes who suffer from the crisis the most.