Russian consumers are keen on cheap clothing

Recently, the “Moscow Times” reported that domestic prices in Russia have risen, forcing people to live frugally. It is reported that Russia’s stagnant economy has prompted consumers to gradually stay away from general retail stores and choose to buy from more economical discount stores, whether it is food or clothing.
X5 Retail Group, Russia’s second largest retailer, said that this year the group’s discount store Pyatyorochka has attracted more and more consumers. According to statistics, the number of shoppers this year has increased by more than 17% compared with the same period last year, and each consumer visits the store every time. The average consumption here increased by nearly 8%.
Two-thirds of Russian people have started to save money in the past three months. At the same time, one-fifth of Russian people have begun to significantly reduce their spending on consumer goods such as clothing, in addition to food. According to Nielsen’s prediction, more Russian consumers will turn to cheaper discount stores for consumption next year. At the same time, consumers will increasingly pay attention to special offers and other promotions launched by retailers in order to maximize savings.
In this case, the ones who benefit the most are large retail chains. Due to their strong bargaining power, small retailers have been severely hit through price wars.