People’s incomes restrict retail trade growth in Belarus

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July 26, 2016 0:39

According to the National Statistics Committee, in January - May 2016, retail trade turnover decreased by 1.8% compared with 2015. The main reason is the drop in real disposable income of the population, which in four months decreased by 6.9%. In order to maintain the customary living standard the population monthly spends USD 200-250 million from savings, which somewhat hinders the pace of the turnover fall. Retail market is likely to continue to shrink. In order to boost consumer demand, retailers are likely to introduce new sales and loans by reducing the level of trade allowances. Amid state measures to curb inflation, the state is likely to step up audit of retailers. Retail chains are likely to expand only if it was planned in previous years. Due to low consumer demand, Belarusian retailers are likely to carry out lay-offs to reduce costs.

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