By Andrei Skvarsky.
Sberbank CIB, the investment arm of Russia’s biggest lender Sberbank, says consumer confidence in Russia has slipped down since January.
According to the second Sberbank CIB Ivanov Consumer Confidence Tracker bi-monthly survey, the base index of consumer confidence remains negative, dropping further down to -8% in March from -4% in January.
“There is notable deterioration in consumer expectations in terms of personal incomes and the macro outlook in general. This is due to still relatively high inflation and employment concerns expressed by most respondents,” say a team led by Andy Smith, head of equity research.
Only 16% of those questioned thought that today was a good time for big-ticket purchases, though a surprising 40% still planned to change their car within the next two years, compared with January’s 42% level.
Only 10% of companies covered in the survey were hiring new employees while 47% were planning headcount cuts, with 35% of respondents afraid of losing their jobs.
The average consumer spends 40% of their income on food, 16% on utilities, 11% on clothing and 7% on servicing debt, the survey says.
The average savings ratio defined as the share of income saved monthly is around 10.8%.
The general level of political awareness is relatively low, with 47% of respondents undecided about how President Vladimir Putin is fulfilling his responsibilities, 24% approving and 29% disapproving of his actions.
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