Black Friday 2018 brought an unprecedented level of sales to the shoe stores all over Russia, according to a market research agency, Infoline Analytics, rising by between 70 to 100 percent as compared to November 2017.
Sales increases in brick-and-mortar stores ranged between 30 and 40 percent, while online stores recorded a jump of nearly five times, as compared to a year ago. Shoes and clothes were the most popular goods bought by Russian customers during the latest Black Friday promotion, added Infoline Analytics.
The strong increase in sales is being primarily associated with the upcoming rise in the country's VAT rate, which is due to go into effect on Jan. 1, 2019. It is likely to lead to higher average prices for footwear and other products in spite of attempts by retailers to cut their margins in order to attract more customers.
Another market research agency, Russian Business Consulting, forecast that the average price of shoes in the country would increase by 5 to 20 percent in 2019, as compared to the current year, largely due to the VAT hike. The ongoing decline in the foreign exchange rate for the Russian ruble is described as another factor that should drive up the prices of shoes in the country.