The party mood that’s been a hallmark of the soccer World Cup in Russia is cheering retailers, restaurants and bars as fans give a boost to consumer spending. Supermarket chains, electronic stores and eateries report a surge in sales and customer traffic as the world’s most-watched sports event spurs demand for beverages, food and TVs. The flow of foreign and domestic visitors around Russia may give “a material boost” to consumer spending, according to a report by Bank of America Corp.
After President Vladimir Putin spent $11 billion on preparations, Russia’s earned widespread praise for its efficient organization of the World Cup that’s drawn hundreds of thousands of visitors. The national team’s success in reaching the quarterfinals against expectations also sparked huge excitement among domestic supporters. (Read more…)