Russian Prices Soar And Consumers Cut Clothing Spending Drastically

Russia's domestic prices rose, so the people had to save money.

It is reported that Russia's hesitant economy encourages consumers to stay away from general retail stores, and choose to buy from more economical discount stores, whether they are food or clothing.

The second largest retailer, X5 Retail Group, said that the group's discount store Pyatyorochka attracted more and more consumers this year, according to statistics.

Compared with the same period last year, the number of people increased by more than 17%, and the average consumption of each consumer in the store grew by nearly 8%.

Three out of two Russian people began to save money in the past 3 months. Meanwhile, 1/5 of the Russians began to reduce their food consumption significantly.

Consumption of consumer goods.

According to Nelson, more Russian consumers will switch to cheaper discount stores next year to spend.

At the same time, consumers will also pay more attention to retailers' special offer products and other promotional activities, so as to maximize savings.

In this case, the most beneficial is the large retail chain store, due to the strong bargaining power, through the price war, small retailers have been seriously hit.

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OECD Secretary General Gulya released the latest economic outlook report before the summit of the group of twenty leaders. He pointed out that global economic growth is still weak. The widening differences between countries and regions will bring great risks to the overall growth of the global economy. In the future, financial risks will still be greater and may aggravate market volatility. But if all countries adopt supportive growth policies, the global economic growth rate will gradually accelerate.

The report points out that the global GDP growth in 2014 is expected to be 3.3%, and that in 2015 and 2016 will be 3.7% and 3.9%, respectively, lower than that predicted by OECD in September this year.

In the major developed economies, the US economy recovered strongly. It is expected to grow by 2.2% in 2014, 3% in 2015 and 2016, 0.8% slower in the euro area, 0.8% in 2014 and 1.7% in 2016 and 2016. Japan's growth will continue to be affected by the rise in consumption tax, which is expected to be 0.9%, 1.1% and 0.8%.

In emerging economies, the economic growth of countries in the coming years is quite different.

China is controlling the growth rate and striving for sustainable growth. It is estimated that the growth rate of 2015 and 2016 is about 7%, which is lower than that of 7.4% in 2014. Because of the increase in investment, India's growth rate in 2015 and 2016 is expected to rise from 6.6% in 2014 to 6.6%. Brazil's economic growth has dropped sharply, and 2014 has only 0.3%, 2015 to 2016 has gradually returned to 1.5% and 2%. Russia's growth rate is only 0.7% because of the decline in oil prices and trade, and it is expected to be negative growth, and then it will return to 0.7%.

The report concludes that ambitious economic restructuring can promote economic growth in developed and emerging economies, and the group of twenty members will submit national development strategies at the summit of leaders of Brisbane to achieve the goal of 2% growth in the overall GDP growth of the twenty nation group in the next five years.