" class="no-js "lang="en-US"> Tinkoff launches Tinkoff CoronaIndex to track business activity in Russia during the pandemic - Fintech Finance
Friday, February 23, 2024

Tinkoff launches Tinkoff CoronaIndex to track business activity in Russia during the pandemic

Tinkoff ecosystem has released Tinkoff CoronaIndex demonstrating how the pandemic and restrictions affected Russia’s business activity in 2020. The index relies on data from more than 11 million users of Tinkoff ecosystem, including retail banking customers, over 550,000 corporates, and more than 60,000 customers of Tinkoff’s acquiring services.

The beta version of Tinkoff CoronaIndex is based on the total volume of daily transactions of 11 million individuals and around 550,000 SMEs across Russia. The index shows the dynamics of business activity for the entire country, for Moscow, for Russia’s regions and by different business categories. The maximum index value of 10 corresponds to the peak of consumer and business activity, which was last recorded in December 2019, whereas a value of 0 would translate into nearly zero turnover or purchases among businesses and customers.

Currently, the Tinkoff CoronaIndex website shows real-time changes in consumer activity in Russia as a whole and in certain regions, the dynamics of consumer spending in 24 categories, the turnover of SMEs in 39 categories, and other data. In the very near future, the project will incorporate other data from Tinkoff ecosystem, including loans and other retail banking figures, average check for various industries, telecom data from Tinkoff Mobile, Tinkoff Travel, Tinkoff Business, etc. The project’s interface will be updated with new features to enable expanded data analysis, and comparison of regions and industries across different parameters.

How the index changed during the pandemic: The average value for February 2020 was 7.3 compared to an estimated value of 7.1 for February 2019. The highest scores for 2020 were related to gender-specific holidays – on 22 February and 14 February, the index hit 8.1, while on 7 March, CoronaIndex reached a record high of 8.6, with the maximum recorded amount of daily expenses by individuals, as well as business turnover. During the lockdown period between 30 March and 11 May 2020, the index slid by 2.7 points and stood at 4.6 on average. In the first working week after lockdown, the index gained 1 point compared to the lockdown period and reached a weekly average of 5.6, which was still lower than in February.

Tinkoff CoronaIndex in regions: On 20 May 2020, the CoronaIndex for Moscow was 5.4, slightly lower than in Russia as a whole (5.9). During the lockdown, the lowest levels were observed on 19 April, at 3.9 and 3.8 for Russia and Moscow, respectively.

As of 20 May, the highest index values were recorded in Siberia, particularly in the Krasnoyarsk Region (7.4), the Novosibirsk Region (7.3) and the Omsk Region (7.2). High index values are also found in the Chelyabinsk Region (7.2) and the Perm Region (7.0). In the Leningrad Region, where many restrictions have been lifted, the CoronaIndex stands at 6.3, slightly lower than in other regions, yet considerably higher than in Russia on the whole and Moscow. The index values also remain high in the Republic of Bashkortostan (6.9), Voronezh, Samara, Sverdlovsk and Rostov regions (each 6.8), the Volgograd Region (6.7) and the Republic of Tatarstan (6.6).

Consumer and business activity: Last week, consumer activity in Russia began its recovery. As of 20 May 2020, average spending stood at 80% of the February average values, up 75% on the reading a week earlier. The businesses that have embarked on a recovery include beauty salons which are showing a slow growth and reached 40% of the average February turnover last week. The fashion retail sector also improved, achieving 54% of the February average compared with 39% over May public holidays and 30–35% in April. Food stores and supermarkets have enjoyed the strongest performance, after a slight decline from 30 March to 12 April, they then returned to pre-lockdown levels. Online retail has been on an upward trend, demonstrating an almost 50% increase from 30 March to 20 April, and continues to advance.

Sales are seen growing by 20% in the Home & Refurbishment category. Car services rose by approximately 29%. A slow growth is observed in the Air Tickets category, which improved to 10–15% of the February results from 3–4% during the lockdown period. After 10 May, there has been an increase in sales of rail tickets as well. This week, sales of rail tickets reached 35–40% of the February values compared to 10–15% during the lockdown. A similar picture is seen in the Transport category as Russians have started going outside more often and are gradually returning to planning trips. Yet, hotels and travel agencies have shown no signs of similar recovery so far.

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