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.