What are the Russians saving on?

Data from Sberbank’s Consumer Index Ivanov.

For reference:

Ivanov’s Consumer Index is a quarterly consumer confidence index.

The study takes into account the dynamics and structure of Russians’ spending, their savings, consumer behavior, how they perceive the economic situation and what confidence in the future is.

In the third quarter of 2021, 67% of Russians denied themselves certain products or were looking for cheaper analogues.

Compared to the second quarter, the number of such people increased by 5% — 7 million people.

In general, about 100 million Russians save on food.

If we analyze the rise in prices for the main products that Russians buy, the picture is as follows:

Beef and pork — 14-15%

Chicken — above 30%

Eggs — 28.1%

Carrots, potatoes, cabbage — 39.25%, 76.41%, 89.8%, respectively.

By November 1, the grocery basket, which is used to calculate the weekly inflation, has risen in price by 10.93% yoy.

In fact, by the end of the third quarter of 2021, household food spending increased to 38.1% — a record in 10 years.

Compared to Rosstat data, Russians estimate inflation twice as high — 16.3% (October 2021).

According to analysts, the number of Russians saving on food will continue to grow, as there are no signs of a slowdown in inflationary processes.

Producers promise a rise in prices for meat and sausages:

Pork and beef can rise in price by 10-20%

Chicken fillet — 7%

Sausages and salami -10%

Meat products and semi-finished products — 18%.

In order to save money, Russians began to buy more often the products of stores’ own trade marks (Private Labels).

The share of such purchases in comparison with 2020 increased from 24% to 37%.