In 2020, amid an unfavorable economic environment, retail sales fell by a record 4.1% in real terms, while in nominal terms retail sales increased by 2% from T11.3 trillion to T11.6 trillion. At the same time, the largest reduction in sales occurred in the group of non-food products (-10%), while sales of food products, on the contrary, increased strongly (7%). As a result, the share of sales of food products in the total turnover was the highest since 2004 (38%). The decline in retail trade turnover in 2020 was accompanied by a significant increase in household deposits by 18% against a 15% decline in consumer loans. This indicates a fairly significant deferred demand that has formed during the pandemic. At the same time, we believe that until the epidemiological situation stabilizes, the population will adhere to the savings model and will carefully plan and implement their consumer spending. According to our expectations, the increase in retail turnover in 2021 will be lower than potential and amount to about 5%-7% in real terms.
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