Demand for food products and catering services has remained strong as household incomes rise, according to a recent report. However, growth in non-food retail demand was less noticeable. The report also indicates an increase in the household propensity to save, with more people viewing the current period as unsuitable for large purchases.
Domestic demand stayed generally high, contributing to the growth in goods and services output by Russian businesses. Wages have continued to increase due to persistent labor shortages.
Further information can be found in the December issue of the Regional Economy: Commentaries by Bank of Russia Main Branches report. This issue focuses on household income.
