Page 56 - RusRPTMay21

financial markets,” Sova Capital said in a note.
“Despite household income falling for the eighth straight year, this is unlikely to stop the recovery momentum because of higher savings buffers, the continued surge in credit and a lack of popular travel destinations, all of which support spending at home.”
Real incomes fell by 3.5% in 2020, leaving the average Russian’s income 10% lower than in 2013. One survey showed that after a six-week lockdown at the start of the pandemic, nearly half of households had no savings or only enough to cover a month of expenses. Food prices have risen by 7.7% since February 2020. The cost of basic products such as sunflower oil and sugar has grown by 27% and 48% respectively. Some of the hottest businesses in Russia these days are discount retailers, such as Svetofor, a Siberian chain that forgoes shelves and displays its cut-price products in cardboard boxes on the floor.
56 RUSSIA Country Report May 2021 www.intellinews.com