Real-time retail consumption tracker for November 9 - 15, 2020
Between November 9 and 15, consumer spending remained depressed, losing 7.7% y-o-y following an 8.3% y-o-y decline a week before, SberIndex analysts say.
Over the week, the entire decline accounted for non-food items (‒2.2% y-o-y), especially affecting Department Stores (‒4.9% y-o-y).
This is due to the low consumer activity during the global sales on November 11. On that day, spending was 45% lower than in 2019, which affected the week’s total spending. The weak demand during the Chinese holiday called the Singles’ Day contributed to the overall change (–1.2 pp).
The decline is maintained in the Clothing, Footwear, and Accessories category (–5.4% y-o-y) and was spotted in the Building and Home Improvement Goods segment (–1.8% y-o-y), which is unusual amid the pandemic.