With a GDP per capita of USD 4,130 (IMF, 2021), the Armenian consumer is the poorest in the Caucasus. The average consumer is 36.6 years old (CIA World Factbook, 2020), which puts Armenia somewhere between Saint Kitts and Nevis and Curaçao in terms of median age. Nevertheless, the population is declining (a -0.25% natural growth rate, according to the CIA's latest data available, coupled with an emigration ratio of 1.7 migrants/1,000 population - United Nations, 2019) and the share of the young population in the age structure is lower than in most neighbouring countries (people aged between 0-24 years account for 30.27% of the population - CIA World Factbook, 2020 est.). The urbanisation rate (63.2% in 2019 - World Bank, latest data available) is higher than other Caucasian countries, but also lower than Iran and Turkey at the same time. While the local population has a low purchasing power, members of the Armenian diaspora, that live in the US or Europe, regularly visit the country and contribute to retail sales, mostly by purchasing traditional items such as carpets, wine and jewellery.
Consumer Behaviour
After decades of fixed price policy under the Soviet Union, the Armenian consumer has been exposed to the realities of a free market economy. The Armenian consumer is very price-sensitive but is also eager to be able to choose between several products. Foreign goods and brand names are very attractive to such consumers. Almost one-third of Armenian residents live under the poverty threshold. Furthermore, food expenditure takes up an important part of private consumption as wages are relatively low (on average AMD 19,377 per month spending at USD 36.7 in 2019 - Statistical Committee of the Republic of Armenia, latest data available). The country's new tax code, which entered into force in January 2018, introduced new excise duties on fuel, tobacco and alcohol, as well as a higher income tax. This reform is likely to impact consumer spending throughout the year and has already faced backlash from consumers.
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Armènia: Compra i venda
