Consumer demand will fade away because of the freezing of wages and unemployment

Consumer demand will fade away because of the freezing of wages and unemploymentIn November, the retail trade turnover of non-food goods in annual terms accelerated to 4.8% from 3.4% in October, according to the report of Rosstat. The market was flooded by a wave of demand, comparable to that observed in February-March 2014, when citizens have experienced a first this year, a strong shock from the devaluation of the ruble.However, in the foreseeable future these bursts consumption, most likely, will not be repeated, because the retailers are reviewing their rates.Retail network already claim to receive notifications of price increases following the supply of imports by 20-30%. The drop in demand due to the stop of the growth of real wages (0.5% in November year-on-year and by 0.1% mom seasonally adjusted), and the restriction of access to credit due to rising rates, requirements to borrowers and the need to send more than 20% of income for payments on existing loans.



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