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Russian Consumer Confidence Index Went Down
May 23, 2016 11:36


The Russian consumer confidence index calculated by the Nielsen Company renewed its historical minimum in the first quarter of 2016, falling down to 63 points (in the first quarter of 2015 it made up 72 points). This is the lowest value over all 11 years of observations. It is reported by “Kommersant”.

The record minimum value - 82 percent - was reached by the share of Russians with free money left after expenditures on basic needs and other payments. In the crisis of 2009 this share was equal to 93-96 percent. At the beginning of 2016 our compatriots having free money spent it on new clothes (36 percent), vacation (31 percent) and transferred it into savings (31 percent as well).

76 percent of Russians tend to save. In early 2015 55 percent of respondents abandoned expenditures on entertainment, now there are 59 percent of them. 61 percent of respondents refused from new clothes (55 percent of respondents gave this answer a year earlier), 45 percent postponed the purchase of electronics (43 percent in 2015). The majority of the population (52 percent) admitted that they were switching to cheaper foods (last year there were 48 percent of them).

“Exhaustion – this is the word that can describe the state of Russian consumers today” - the Director for Work with Global Customers of “Nielsen Russia” Marina Lapenkova noted. The Associate Professor of the Department of Economic Sociology of HSE Dilyara Ibrahimova points out that the current picture of consumer activity is different from the crisis of 2008-2009 in its more lingering pessimistic mood.


Author: Anna Dorozhkina


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