Page 53 - RusRPTJun20

reported y/y retail drop in April (RUB450bn out of RUB550bn) reflects deleveraging: last month the retail loan portfolio declined by RUB130bn month on month vs an increase by almost RUB320bn m/m in April 2019,” ING said in a note.
“As a result, it appears that the substantial drop in household consumption seen in April was mainly a result of deteriorating expectations, rather than an actual deterioration of households' financial position. Nevertheless, it in no way means that a recovery in consumer confidence will be an easy task,” ING said.
Household expenditures, monthly RUB’000
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
Total expenditures 68.4 66.6 67.5 66.9 70.1 65.9 71.6 70.8 79.6 60.5 60.5 65.4 56.8
Food expenditures 21.5 21.1 20.6 21.1 20.5 20.6 21.7 22.9 27.4 20.9 20.6 23.8 26
as % of total 31.4% 31.6% 30.5% 31.5% 29.3% 31.2% 30.3% 32.4% 34.4% 34.5% 34.0% 36.4% 45.8%
Change year-on-year %
Total -0.6% -1.9% 5.1% 6.5% 8.2% 0.3% 7.7% -1.9% -0.9% -1.5% -5.5% -10.0% -17.0%
Food 2.9% 5.0% 5.6% 11.6% 8.5% 4.6% 5.9% 7.5% 5.8% 3.5% -2.4% 3.0% 20.9%
source: Romir Scan Panel
53​ RUSSIA Country Report​ June 2020 ​ ​www.intellinews.com