Page 124 - RusRPTNov21

annum, with up to 30% being for the primary market.
· A 20% reduction in the industry’s financial costs, as well as a 30%
reduction in construction cycles (due to designs being standardised, procedures digitalised and the document examination procedures simplified).
The strategy’s prime objective remains the same: it assumes increasing completions to 120mn sqm and improving housing conditions for the general population. We note the record high level of 85mn sqm achieved in 2015, and so the target implies a rapid acceleration that would require a more rapid pace across the regions. Growing mortgage penetration is favourable for residential demand and could cause an outperformance vs. other sectors and sectoral growth ahead of the economy’s blended rate.
9.1.5 Retail sector news
NielsenIQ has published data on the alcohol market. For 8mo21, alcohol volumes were up 1.3% y/y vs. the 7.4% y/y growth in the same period last year.
Beer volumes added 2% y/y, rum was up 9.2% y/y, whisky surged 16.2% y/y and champagne saw a 5.9% y/y increase. Some categories showed declines: vodka volumes were down 2.5% y/y, sparkling wines corrected 11% y/y and Vermouth dropped 13% y/y.
124 RUSSIA Country Report November 2021 www.intellinews.com