Spending by Russians on online marketplaces has fallen 15% over the past month and a half, Sberbank chief financial officer Taras Skvortsov said, calling it "only the first signs" of a contraction in consumer spending.
According to SberIndex, the bank's analytics service, consumer spending on marketplaces was 25.47% higher year on year on July 12, before Ukrainian drones began striking Wildberries warehouses. By August 23, the annual growth rate had slowed to 19.65%, a decline of 5.82 percentage points. SberIndex recorded no similar slowdown in overall consumer spending, which grew from 9.76% to 8.56% year on year over the same period.
Skvortsov noted that marketplaces now account for 37% of Russians' non-food spending, up from 24% a year earlier, and 15% of total consumer spending.
Ukrainian drones began attacking Wildberries warehouses on July 18, and Ozon facilities since August 22. Analysts estimate the damage to the marketplace and its sellers from the strikes on Wildberries could exceed 800 billion rubles.
On August 26, the government approved a support package for entrepreneurs whose goods were damaged in the attacks on Wildberries warehouses. After the strikes on Ozon facilities, the Kremlin said it was working on other support options for marketplaces. "Everyone is working together to overcome the current difficulties and build new logistics chains without a significant increase in costs," Skvortsov said.