Russians began to spend 12% less on products and services, according to data from the tax data operator “First OFD”. Spending on electronics, children’s products, furniture, and tobacco products decreased significantly.

Russian spending on groceries in January decreased by 12% – “First OFD”

According to the tax data operator Perviy OFD, in January 2023, the spending of Russians on various goods decreased significantly. The experts compared the data for the last month with the same period in 2022.

Russians spent 12% less on products and services, while on electronic equipment, children’s items, furniture, tobacco products, spending decreased by 20%. Spending on medicines and beauty products fell 18%, on alcoholic products, 16%.

In January 2023, Russians spent twice as much on Christmas items as they did in January 2022. Spending on souvenirs and tableware increased by 19% and 16% respectively.

Experts attribute the decline in spending by Russians to a return to the savings behavior model, which began in 2022. In February, the spending of Russian residents will increase, but the restoration of consumer activity can only be said according to the data from the first quarter of this year, experts explain.

Author:

Kirill Bilyk

Source: RB

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