As many as 53% of Russians have experienced the negative impact of the pandemic on their incomes, Kommersant business daily reported quoting NielsenIQ.
The number of people affected by the pandemic has doubled between September 2020 and January 2021. The number of respondents who started saving has reached 69%. Even those who were not financially affected by the pandemic have begun to carefully choose what they buy.
This, in turn, has spurred the popularity of discounts, as 62% of Russians admitted they were ready to buy any product the store offered at a discount.
According to NielsenIQ, many segments of the Russian market will not grow in 2021 because consumer activity will remain low. Most consumers will only be willing to spend money on food and medicine.
Invest Foresight previously quoted Dmitry Peskov’s statement explaining why Russia has not been able to eliminate poverty yet and citing various factors interfering with the effort.