The Russians continued to reduce costs and after the improvement of the economic situation

The Russians continued to reduce costs and after the improvement of the economic situation

Moscow. June 16. Russian consumers continue to save, despite the improving economic situation in the country, according to “Vedomosti”, citing data from research by PricewaterhouseCoopers (PwC) “an extended downturn in the economy.

In particular, the share of seeking to avoid making impulsive purchases increased from 5% to 35%, and the share of buyers of goods under own trade mark (STM) retailer – from 10 to 30%. In addition, the share of tracking promotions and discounts increased from 35 to 45%, the share of the cheaper stores – from 15% to 20%.

The newspaper reminds that the real incomes of the population decline of 18 consecutive months, and this has not happened since 1998. So revenues in 2015 fell by 4.9% compared with 2014, while in January – April 2016 by 4.7% in comparison with January – April 2015.

“Vedomosti” cited the comment of a senior Manager PwC Anton Zadorozhnyy, according to which, the current crisis is more protracted than the crisis of 2008, the improvements were felt within a year, and all quickly returned to their former consumption.

He said that after the crisis, the picture of consumer preferences will remain the same: the price will still be an important factor, and consumers are skeptical of brands that do not offer additional benefits compared to STM.

This year, 79% of respondents the crisis has affected personally, spending ran 84%. More than half of respondents started to buy less or started buying cheaper goods key categories: food, clothing, cosmetics and personal hygiene items.

65% of respondents admitted that they spend money rationally and not impulsively shopping. 15% used to buy shoes and clothing as needed, but 30% would like to spend more on these products after the crisis. It is already possible to speak about formation of the purchasing discipline, concludes PwC.

Research shows that consumers are pessimistic about and the prospects of recovery from the crisis, and to their future, concluded the researchers. In their opinion, the crisis will end no earlier than 2019.

Meanwhile, the Ministry expects that revenue growth in 2017 will resume, but it will not exceed 1% per year until 2020.