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Russian consumers take bearish view on economy for New Year’s, Deloitte reports

December 06, 14:37 UTC+3 MOSCOW

Only 9% of Russians believe in the growth of the country’s economy in 2019

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© Stanislav Krasilnikov/TASS

MOSCOW, December 6. /TASS/. The average Russian is ready to spend as much as 16,900 rubles to celebrate New Year’s 2019 with the better part of this money (47%) destined for food and drinks, according to a report by one of the Big Four consulting agencies, Deloitte.

Last year, the average budget was 4% higher, the company pointed out.

The report goes on to say that, gifts will also be a significant part of the New Year budget (42%), while an average of 11% will be shelled out on entertainment.

Roughly a third (29%) of Russians expected to spend over 30% of their New Year’s budget on Black Friday, the survey showed, adding that most of those polled (68%) plan to make their New Year purchases after December 15.

According to Deloitte, the number of Russians who think that the national economy sank into recession has increased dramatically over the year from 51% to 61%. This figure remains the highest in Europe.

Only 9% of Russians believe in the growth of the country’s economy in 2019 with 47% of those surveyed expecting a decrease, while a fifth remains undecided.

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