Boasting the second highest GDP in Europe, a robust growth rate in disposable income, and recent middle class expansion to 25 percent of the population, Russia’s economy offers many reasons to expect future consumption growth. In fact, many view Russia as the new European growth engine.
Despite the optimistic forecasts, Russian consumers are still cautious. Consumer confidence is relatively low compared to the global average, but ranks among the highest in Europe. Paul Walker, Group Managing Director, Russia and North East Europe, will lead discussions at the Nielsen Russia Consumer 360 client conference in Moscow on April 4, on how the unique consumer purchase habits and media consumption behaviors of Russian consumers will shape the strategies necessary to unlock the growth potential in Russia’s consumer market.
The Russian Consumer Profile
- Demanding: Russian consumers want a wide assortment of products, consistent availability, and efficient/convenient shopping options, which are among the highest drivers of retailer choice in Russia.
- Economical: Products that offer a strong value perform well in Russia, and low prices are important drivers. Russians also report increased shopping for sale items, and coupon use is growing.
- Open-Minded: Ninety percent of Russian consumers are open to trying new products. Overcoming distribution challenges and improved communication can help new products succeed in the market.
- Technologically-Savvy: With 51 million active Internet users, Russia has the largest regional online population. While the Internet penetration rate is only 43 percent, it is growing—and so is social media use. Consumers are actively going online to learn about products and seek deals as they consider purchases.
Learn more about the strategies necessary to reach the Russian consumer with complete coverage of the Nielsen Consumer 360 conference in Moscow, April 4, www.consumer360.com/russia.