The unemployment rate among the respondents dropped to 10.9%, wage growth rose to 6.5%
Sberbank Investment Research today publishes its twentieth survey of the pan-Russian consumer, the Sberbank CIB Ivanov Consumer Confidence Tracker, which monitors consumer spending, savings and confidence trends across the country.
This proprietary publication includes a headline consumer confidence index and also provides a set of leading indicators for the most important trends in the country’s rapidly expanding consumer sectors (retail, banking, telecoms, media, IT, real estate and transportation).
The survey is undertaken by market research agency Cint on behalf of Sberbank CIB and is now conducted quarterly under a methodology that closely mirrors that of the State Statistics Service’s quarterly survey and EU confidence assessments. However, our survey is expanded to encompass a wider set of questions relevant to Russia’s middle-income consumers. The survey sample is 2,300 people aged 18 to 65 and living in 164 cities with a population of over 100,000 inhabitants. The tracking error is below 2%.
Consumer confidence, which had been strengthening since 4Q15, weakened to -15% in 2Q17 from -10% in 1Q17. As a result, the index returned to the average level seen in 2H16.
Consumer confidence index
Source: Cint, Sberbank CIB Investment Research
We give the main findings of our survey below.