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Russia sees consumption boom for fear of another crisis

October 16, 2013, 11:19 UTC+3
The latest sociological surveys have vividly demonstrated Russians are concerned about their future
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The latest sociological surveys have vividly demonstrated Russians are concerned about their future, the Novye Izvestia daily reports. According to a poll conducted by the research holding Romir, people are eager to spend money on expensive purchases now, as they are not sure they will be able to do so later for rubles depreciated by inflation.

Experts point to a noticeable turnaround in consumer sentiment.

“In the first half-year people were anxious about the looming crisis and tried to cut outlays. Now they think it makes no sense to save and try to ensure a desirable standard of living, increasing the amount of high and daily spending,” a senior researcher at the Russian Academy of Sciences' Institute of Sociology, Leontiy Byzov, told the newspaper.

In contrast last March's statistics, in September 2013 high outlays increased in all items, except cars. Particularly significant growth was observed in such articles as clothing, cell phones and vacations and trips. While changes in the latter may be due to the seasonal nature of vacations typical of Russia, the fact that clothing and cell phones are the most popular large purchases indicates a revival in consumer demand and its shift towards costlier goods and models.

Along with outlays for large expensive items, consumers increased daily spending. Thus, last September daily spending grew 4% month on month and 15% year on year. Importantly, people came to spend 10% less for food and 1.5-fold more on non-food items.

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