According to official statistics, due to the decline in real incomes, Russians are compelled to save on almost everything.
The biggest drop is observed in sales of new cars
As the Head of Department for Competition Policy Tatiana Radchenko have told New Retail, the largest drop is observed in sales of new cars. "In the first half of 2015, sales of new cars and light commercial vehicles in Russia fell by 36.4% compared to the same period in 2014. Reaching the record sales of 270.6 thousand for the year on December 2014, since January 2015 the situation in this sector has deteriorated significantly. Among other things, due to the fact that the interest rate on car loans has increased to an average of 21%, while in 2014 it amounted to an average of 16%."
At the same time, clarified Ms. Radchenko, as a result of the realization of the state policy of the demand stimulation for durable goods, in April-May interest rates on car loans began to decline and major banks began to lower interest rates for new mortgages for home purchase in the primary market or for participation in the shared construction.
As for non-food products, the retail trade continues to drop the sixth straight month. The excessive demand for durable goods such as cars and electronics in the fourth quarter of 2014, when the index was 6.8%, was replaced by a consumer recession. The drop in consumer products sales in the first half of 2015 amounted to 8.7%. In addition to the overall economy in almost all electronics (computers, televisions, refrigerators, washing machines, mobile devices, etc.) summer months are traditionally characterized by the low consumer activity. "However, the results of sales in August are likely to show a small positive trend: the revival could be due to another marked fall in the ruble. But it is clear that growth will not be as high as at the end of 2014, including the fact that the nearest neighbors (e.g. Kazakhstan), which have provided a sizeable proportion of the demand last year, devalued their national currencies."