EY experts presented a study that will help managers to better understand and track consumers behavior and attitudes in Russia and worldwide.
At present, Russian residents look optimistically to the future in the perspective of one to two years. Buyers expect to reduce the cost of nonessential goods, clothing and shoes, entertainment and vacation. Categories such as food, tobacco, household chemicals, pet products, and electronic games may not be significantly reduced.
COVID-19 has had an impact on consumption: as a result of the pandemic, approximately 15% of Russians have significantly reduced their costs, with almost a quarter of working-age respondents in this category being unemployed for various reasons.
36% of respondents think that they were not directly affected by the pandemic, and they do not like the desire of others to stockpile for a rainy day.
About 31% of the respondents think that financial stability will never recover to the previous level. The study shows that in most countries of the world COVID-19 will give impetus to the development of online commerce, including in the food industry, where historically online has always been inferior to conventional retail. The growth of the online retails is also expected in the non-food segment more than 11% of Russians in the period of COVID-19 began ordering more non-food products on the Internet.
For more information about construction as a sector with a sizeable share in many economies, rising level of digitalization, and shifts in consumer sentiment in real estate, please see the Entrepreneurship, StayHomeEconomy, Consumer Sentiment and Sustainable Development.
The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.
The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, helps foster social entrepreneurship and charitable initiatives.
Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5,000 people working in Russia and abroad.
The Foundation works alongside various UN departments and other international organizations, and is building multi-format cooperation with 180 economic partners, including industrialists’ and entrepreneurs’ unions, financial, trade, and business associations from 81 countries worldwide, and 186 Russian public organizations, federal and legislative agencies, and federal subjects.
The Roscongress Foundation has Telegram channels in Russian t.me/Roscongress, English – t.me/RoscongressDirect, Spanish – t.me/RoscongressEsp and Arabic t.me/RosCongressArabic. Official website and Information and Analytical System of the Roscongress Foundation:roscongress.org.