Russia sees shrinking demand for 90% of products

Russians have begun to buy less products and services as the coronavirus crisis is affecting the markets. According to a joint study by the BCG consulting company and the Romir research holding, as many as 90% of various goods have suffered a decline in consumer demand.

According to the researchers, the pandemic has caused a major crisis in the consumer market, and customers are likely to continue to cut spending in the near future.

In the next six months, Russians will tighten their belts and cut back on food, clothing, and electronics – as many as 15% of the survey participants said so, Kommersant reports. This is quite a lot; only residents of Italy and the US plan to save more.

Russians are going to skimp on nearly every food item: 15% said they will spend less on basic groceries; 16%, on canned food, and 28%, on alcohol. Also, many Russians will buy less clothing and footwear over the next six months.

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