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| Not just tinned food - sales of luxury goods boom in Russia during pandemic, as closed borders mean consumers splash cash at home | Not just tinned food - sales of luxury goods boom in Russia during pandemic, as closed borders mean consumers splash cash at home |
| (about 1 month later) | |
| While the early days of the Covid-19 pandemic saw shoppers scramble to buy canned food, hand sanitizer and even toilet paper, the virus apparently hasn’t taken away wealthy Russians’ expensive tastes or love of luxury brands. | While the early days of the Covid-19 pandemic saw shoppers scramble to buy canned food, hand sanitizer and even toilet paper, the virus apparently hasn’t taken away wealthy Russians’ expensive tastes or love of luxury brands. |
| Analysis by Moscow daily RBK found that five out of nine global businesses catering for well-heeled customers in Russia have seen domestic sales rise over the course of 2020. Among them, design brand Dior, known for expensive couture and stylish shoes, reported a 49% jump in revenue. | Analysis by Moscow daily RBK found that five out of nine global businesses catering for well-heeled customers in Russia have seen domestic sales rise over the course of 2020. Among them, design brand Dior, known for expensive couture and stylish shoes, reported a 49% jump in revenue. |
| At the same time, prestigious fashion house Prada saw its tills stuffed with the proceeds of sales to Russians. They were up a third, rising to 3.9 billion rubles ($51.5 million). This was despite the initial lockdown, imposed last spring, shuttering its stores in the first half of the year. | At the same time, prestigious fashion house Prada saw its tills stuffed with the proceeds of sales to Russians. They were up a third, rising to 3.9 billion rubles ($51.5 million). This was despite the initial lockdown, imposed last spring, shuttering its stores in the first half of the year. |
| Russia began closing its borders in January last year, as the spread of Covid-19 became a public health concern. Since then, travel to a number of countries has almost evaporated, with governments like those in Washington and London telling tourists to stay away. Would-be buyers hankering for an international shopping trip have, as a result, had no choice but to look closer to home. | Russia began closing its borders in January last year, as the spread of Covid-19 became a public health concern. Since then, travel to a number of countries has almost evaporated, with governments like those in Washington and London telling tourists to stay away. Would-be buyers hankering for an international shopping trip have, as a result, had no choice but to look closer to home. |
| At the same time, with most businesses across Russia having already reopened and the number of positive tests for the virus falling to relatively low levels, the country’s Central Bank has claimed that the economy may recover from the shock of the pandemic by the end of the year. | At the same time, with most businesses across Russia having already reopened and the number of positive tests for the virus falling to relatively low levels, the country’s Central Bank has claimed that the economy may recover from the shock of the pandemic by the end of the year. |
| The bank’s governor, Elvira Nabiullina, told a board meeting that “the economy is bouncing back rather steadily” and that, “given the current positive trends,” the bank has maintained its outlook on GDP growth for 2021 at between 3% and 4%. | The bank’s governor, Elvira Nabiullina, told a board meeting that “the economy is bouncing back rather steadily” and that, “given the current positive trends,” the bank has maintained its outlook on GDP growth for 2021 at between 3% and 4%. |
| “Furthermore, the economy may reach its pre-pandemic levels already by late 2021, and not by mid-2022, as we’d assumed earlier,” Nabiullina said. “This will become possible primarily as a result of a less significant decline in 2020.” | “Furthermore, the economy may reach its pre-pandemic levels already by late 2021, and not by mid-2022, as we’d assumed earlier,” Nabiullina said. “This will become possible primarily as a result of a less significant decline in 2020.” |
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