Manufactured goods say goodbye to private demand // Household monitoring

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According to Sberindex, the nominal spending of citizens on goods and services for the week from September 5 to September 11, compared to the same period in 2021, increased by only 4% against 5.4% and 7.5% in previous weeks – with inflation on September 5 about 14.1%. Since the last week of August, the growth in demand for services has been steadily accelerating, primarily for medical and hotels in the Russian Federation (from September 5 to September 11, the annual growth rate of their consumption went positive), and entertainment, the growth of spending on which amounted to 62.5% this week year by year. However, this did not stop the decline in overall consumer spending amid falling annual indicators in the commodity markets to minus 0.9%, the lowest since July 2021. The dip in purchases of manufactured goods is especially noteworthy – last week it deepened to 11.8% after 4.3% and 0.2% in the previous two weeks (see chart), this is the maximum depth since April 5, 2020, the low point of the lockdown. Purchases of furniture, clothing and footwear, appliances and electronics, goods for construction and repair are shrinking the fastest. Note that the reduction…

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