Household Income and Consumption in Regions during the Pandemic

N. N. Mikheeva ()
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N. N. Mikheeva: Institute of Economic Forecasting, Russian Academy of Sciences

Regional Research of Russia, 2023, vol. 13, issue 2, 287-295

Abstract: Abstract The article considers features of the formation of household income, consumer demand, and savings in the crisis conditions of the coronavirus pandemic and drop in prices for commodity exports. Household income, consumer demand, and savings were analyzed in the context of decile groups of regions, formed according to average per capita income, taking into account interregional price differentiation. The impact of social support measures as a factor in income stabilization is assessed. The dependence of the dynamics and structure of consumer spending on the household income is considered, and it is shown that consumer spending decreased even in regions where incomes increased. In the structure of consumer spending in all regions, the share of spending on goods increased, while the share of spending on services decreased. Widespread growth in the personal savings was noted, which in rich regions took place to a greater extent as an increase in bank deposits, and in regions with low incomes, mainly as an increase in cash in the hands of the population. Household spending on real estate increased, including at the expense of housing loans. Despite the decrease in volume of loans issued to the population in 2020, the credit burden on income increased. Changes in the structure of household expenditures can be assessed as a movement towards the “survival model” of households.

Keywords: coronavirus pandemic; household income; consumer demand; savings; loan debt; decile groups of regions (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1134/S2079970523700594

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