generally, consumers in the last two weeks have been much more active than in the beginning of the month, when the lab had predicted a drop in consumer spending on goods and services at the level of 900-950 billion.
From 20 to 26 April, consumer spending fell by 2.3% compared to the previous week, and relative to the comparable period in 2019, the fall accelerated to 16.5%. However, both results slightly better than analysts expected earlier. It is mainly concerned with the stability of demand in some product categories, whereas the service sector remains “mothballed” – it costs still account for less than half the levels of last year.
Retail trade turnover drops by 10.2% yoy, however, the structure of this fall is changing. If in mid-April, spending on nonfood goods declined by 35% yoy, now – by 19.5% yoy. For the week 20-26 April, moved to a growth in the category “consumer electronics” (+21,9% yoy), significantly reduced the fall in the segment of “Furniture and interior” (-15,9% yoy).
according to the report, in the last two weeks amount of cost of goods stable. There are indications that the consumer adapts to the new reality, instead of completely give up spending or to transfer them at a later date. A vivid example for the period of April 20-26 was the segment “Department stores” where the increase amounted to 66.8% yoy. this includes, in particular, the key online platforms. Analysts “Smetannik” note that some outlets will shift in Department stores to stay open.
