Russian retail starts to recover

18-Oct-2016

Travel retail sales start to pick up in Russia as Ruble shows signs of recovery

Heavily reliant on oil, Russia’s economy has struggled in recent years. Due to a significant drop in the cost of oil in 2014 and sanctions imposed by the EU and US, brands have been cautious about doing business in the region.

But statistics from the Russian Central Bank and the Russian Ministry of Economic Development, released in August, showed the Russian economy is pulling back from recession – its longest in 20 years.

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A workshop at the TFWA World Exhibition has identified potential areas for growth as the ruble slowly recovers. While the Russian travel retail market declined 36.8% in 2015, due to a dramatic fall in the value of the ruble and in travelers to destinations such as Egypt and Turkey, the recent uptick is positive news.

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