Real-time retail consumption tracker: February 20–26, 2023

During the last week of February 2023, nominal consumer spending growth rate turned negative (-1.6% y-o-y vs +5.1%-9.6% y-o-y during previous weeks; +4.9% y-o-y in January). A significant retail consumption reduction was linked directly to public holiday calendar nuances in 2023: three workdays and the long weekend vs four working days in 2022, resulting in real-term downturn accelerating to -12.7% y-o-y.

Food Items consumption growth rate slowed down a bit (+5.6% y-o-y vs +6.3% y-o-y during the previous week), while it soared in the beginning of the week (February 20-22) and declined on Saturday-Sunday.

The long weekend affected Non-Food Items consumption (-14.8% y-o-y; -2.6% y-o-y during the previous week; -4.2% y-o-y in January). Non-Food Items were not the top consumption priority, as less spending on Furniture (-46.6% y-o-y vs -37.2% y-o-y in January); Household Appliances (-53.1% y-o-y vs -24.1% in January); Industrial Goods (-30.7% y-o-y vs -15.4% y-o-y in January); Clothing, Footwear, Accessories (-21.8% y-o-y vs -18.2% in January) was recorded. Department Stores and Marketplaces showed a waning growth of +22.7% y-o-y vs +31.1% in January.

Services consumption continued to slow down (+7.5% y-o-y) after the increase in the first half of the month (+13.4% y-o-y during the previous week). Travel-related consumption improved, with Airline Tickets at +33.3% y-o-y (+23.5% y-o-y in January); Hotels at -2.6% y-o-y (-13.2% y-o-y in January).

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