Russians are currently spending about 36 percent of all the expenses on food, but many specialists forecast that this number will grow up to 40 percent. The Russians have started saving and changing their shopping preferences to discount and convenience stores.
According to the study “Russian Food Retail: Current Situation and Prospects”, conducted by VTB Capital, the number 40 percent is significantly higher than the highest figure in European countries. For example, in Germany, the UK and Italy it is about 12-13 percent, in Poland and Turkey it is about 23 percent.
According to the same study, imported food products amount to about 20 percent. As for the fruits the number is about 40 percent, for vegetables it is less – 25 percent.
“One in four consumers now shops at discount and convenience stores,” Ilona Lepp, director of work with retail chains of Nielsen Eastern Europe.
At the same time, the increase in revenue of Dixy retail network (mostly convenience stores) is 29.5 percent in October. During the first 10 months of the year, the increase in revenue was 25.8 percent. The similar situation is with the Russian retail network Magnit – the increase in revenues is a 36.14 percent increase in October, and 30.66 percent increase for the first 10 months of the year. Retail representatives said that they did not noticed consumption decrease.
In July, food inflation in Russia was recorded at 11.4 percent, according to Russia’s Federal State Statistics Service and confirmed by Infoline-Analytics.