SberIndex: spending nears post-first wave high in service sector

SberIndexanalysts say thatbetween January 11 and 17 consumer spending in Russia practically remained flat since 2020, having added 0.1% y-o-y.

Retail products saw moderate growth, with groceries adding 2.6% y-o-y and non-food items jumping by 3.6% y-o-y. Consumers probably did their shopping a week before that, mainly. The weather could have been one of the reasons for that.

In the service sector, spending was close to the post-crisis highs, with the decline decelerating to -14.4% y-o-y. Before the second wave of the pandemic, the best result was registered in September (-13.0% y-o-y).

According to SberIndex analysts, consumers have not revived after the holidays yet, and the consumer activity index remains frozen at 61 points.

When publishing the materials, a reference to SberIndex (www.sberindex.ru) is mandatory.

SberIndex.ru is an analytical website by Sberbank that illustrates how life in Russia has changed during the COVID-19 pandemic. Today, you can find three key indexes on the website, all of them based on anonymized data. These are an incidence model, the consumer activity index, and consumer activity changes. The all-new Business section features the evolution of gross payroll and change in small business activity. The website also has other studies, including all SberIndex lab ones (former SberData).