Sberbank recorded the first reduction in household spending in 2021

According to the calculations of the Sberbank laboratory SberIndex, in Russia in June the first monthly reduction in household spending in 2021 was recorded.

“At our estimate, the seasonally adjusted change was
minus 0.37% m / m (monthly estimate),” the study says.

Thus, as analysts note, the phase of the rapid return of consumer demand has at least been interrupted. In general, according to the results of June, the increase in consumer spending, according to SberIndex, amounted to 10.1% year-on-year.

In the week from June 28 to July 4, consumer activity was close to trend levels, analysts say. “The normalized increase in household spending was +6.3% in nominal terms,” the study says.

The service sector showed resilience last week and showed a slight increase relative to pre-pandemic levels (+1.8%). At the same time, spending in catering establishments in Moscow was 12.3% lower than in the week from 21 to 27 June. In the Bars and Clubs segment, expenses fell by a third (by 33%), in restaurants - by 21%, in fast food - by 7%, in the delivery segment - by 1%.

The change in nominal consumer spending relative to the comparable period last year from June 28 to July 4 showed an increase at a rate of +0.8%.

Since the beginning of summer in Russia, the number of cases of COVID-19 coronavirus infection began to rise sharply , as a result of which the regions began to gradually introduce mandatory vaccination, which more often affects employees in trade, catering, services, transport, healthcare and other categories. They were required to be vaccinated in more than 20 regions.

In addition to mandatory vaccination, Russia began to strengthen more familiar measures to combat coronavirus. In a number of regions, the work of restaurants, bars, and entertainment venues was limited. In Moscow, restaurants are required to ask for QR codes from visitors - they are issued to those who have been vaccinated, have been ill or have passed a PCR test with a negative result.