Consumer day overview

On 27 May, Aton held its Consumer Goods Sector Day at the InterContinental Hotel in Moscow. We aimed to provide clients with an update on the sector’s investment opportunities, to discuss new patterns of consumer activity and key prevailing risks in the currently unstable environmental conditions.
Our key takeaway from the meetings is that the consumer sector has been impacted by a slowdown in consumer activity. Despite being non-cyclical and more resilient than the discretionary goods universe, the food retail sector has suffered on the back of worsening macro conditions and the depreciating rouble. Fundamentally the sector is gradually approaching maturity and growth rates have started to slow. However the penetration of modern retail formats in Russia is still far from the level seen in developed countries and coupled with good corporate governance, the sector remains attractive to investors.

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