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Russia’s retail turnover expected to grow by 7-8% in 2024

According to the Russian State Statistics Service, retail trade turnover in Russia in 2023 will amount to $533.7 bln, increasing by 8% year-on-year (in comparable prices)

MOSCOW, June 14. /TASS/. The growth of retail trade turnover in Russia by the end of 2024 could reach around 7-8%, Chairman of the presidium of the Association of Retail Trade Companies, which unites Russia’s largest retailers, Igor Karavaev said in an interview with TASS.

"Judging by the observed demand revival, as well as the projected growth of real incomes of Russians, we can expect that the growth of retail trade turnover this year will surpass the figures for 2023 and will reach around 7-8%," Karavaev said.

According to the Russian State Statistics Service (Rosstat), retail trade turnover in Russia in 2023 will amount to 48.156 trillion rubles ($533.7 bln), increasing by 8% year-on-year (in comparable prices).

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