Page 40 - RusRPTAug20

4.5.3​ Retail sector dynamics
After collapsing to -23.2% growth year-on-year in April retail sales turnover in Russia has started to recover​ but remains deeply in negative territory year on year: retail turnover in cash terms was down by 7.7% in June.
Retail sales have been supported by a small recovery in nominal incomes in June and the low inflation has also helped by pushing up real incomes, which are back in the black. However the growth in the all important real disposable incomes (inflation adjusted income minus staples and utilities) remains only just above zero and was flat in June.
According to Romir Scan Panel, household spending on groceries reached 36% of their total expenditures, equal to the pre-quarantine March. ​Average household expenditures have been increasing gradually since April, as lockdown measures were slowly lifted, and grew 1% MoM in June. Overall expenses amounted to RUB 58,300, down 14% YoY, mostly on non-food outlets being closed in April-May. Grocery spending continued to decline (-12% MoM), reaching RUB 21,100, as deferred demand for other goods came into play after non-food locations were reopened from 1 June.
40​ RUSSIA Country Report​ August 2020 ​ ​www.intellinews.com