The sanctions reduced retail trade in Russia by more than 10 years, said experts interviewed by Bloomberg. The drop in retail billing in 2022 was the strongest in the last 8 years.
Experts interviewed by Bloomberg called the drop in retail turnover in Russia in 2022 the strongest in the last 8 years. Sanctions imposed by Western countries have set back the momentum of the industry in more than 10 years, experts say.
Market participants expect a further drop in retail turnover: by the end of January 2023, sales will plummet 10.7% year-on-year. If this happens, the decline in retail sales will continue for 10 months straight. Experts point out that such a situation did not arise even during the COVID-19 pandemic, when the market was shaken by various restrictions.
According to official Rosstat data, retail trade turnover decreased by 10.5% year-on-year in December 2022 and by 6.7% in the whole of 2022.
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