Negative trends on retail market will be reinforced through saving behaviour of Belarusians

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February 20, 2017 10:57

According to the National Bank, in January 2017 the population increased currency deposits in the banking system by USD 16.1 million up to USD 7.4467 billion. Growth in currency deposits was marked for the first time since October 2015; the population reduced net sales of foreign currency to a six-month minimum. Part of currency sales was due to people withdrawing their currency savings from the banking system. Households are likely to continue changing their expenditure patterns and gradually increase the proportion of savings. In order to stimulate consumer spending and increase turnover, retailers are likely to boost sales. Due to the expected decrease in the interest rates on deposits, dynamics on the deposit market is likely to remain neutral. Until people’s incomes start growing, they are likely to reduce the share of savings allocated for current consumption, which will lead to retail turnover falling at an increase rate.

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