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Economic Crisis And Purchasing Power Of Russians
Bashkirova and partners based on the data of the national representative survey, has run the study on how economic instability affected Russians’ purchasing power.
In 2014 the Russian economy fell into instability band. Structural drawbacks of the national economy, oil prices dropping, the international sanctions imposed and the relevant response measures (contra-sanctions), undertaken by the Russian government, have lead to the national currency devaluation and price growth (inflation). More than a half of Russians (54%) shared in time of the survey their financial situation worsened. This being said, about a quarter of respondents (23%) believe their financial standing has got significantly worse.
Urban dwellers can be considered to have suffered the most (60%, vs. 50% in rural residents) between 40 and 50 of age (63%). This can be explained by layoffs at industrial plants and drops in revenues (and so drops in salaries) in area of retail business. In our previous publications (from April 30, March 6, and February 13) we used to mention increase in unemployment and discontent with government agencies performance in large cities in the regions.
81% of our people note the economic instability impact on their ability to buy food products (which is not a surprise with the food product inflation exceeding 15% and considering ban on import from EU states). Those are people of between 40 and 50 of age who have been impacted most (88%).
Three fourth of our compatriots said the devaluation affected their purchasing power for home appliances and clothes, which also makes no wonder since from 40% to 90% (in different categories) of home appliances and clothes are manufactured in abroad. The greatest percentages (80% and 85%) are discovered in respondents of the mentioned age category of 40-50 of age. Additionally we have to note that in ladies, a share of most impacted in terms of purchasing capacity for clothes is by 7% greater than in men (which is certainly quite predictable).
67% of Russians have sensed medical services became less accessible for drugs price growth, where 70% of drugs are being imported to this country. Elderly people are who suffered most (in age category above 65 of age). Moreover these people already spend significant amount of their small income for the medical services.
About two thirds of Russians said that the national currency devaluation influenced the way they normally spend their holidays (especially those who have got used to spending their holidays abroad). About the same percentage expressed about crisis influencing their ability to buy a car (the Russian car market has plummeted by 38% over the first 4 months in 2015). The least effect was noted in terms of purchasing capacity for real estate, leisure activities and academic training (46%-55%)
About a half of Russians are ready to cut their expenses on clothes; 40% - on home appliances, about a third of respondents for each category - on food, leisure and holiday trips.
It’s remarkable however, although 81% of our respondents said they were impacted by the crisis in terms of their purchasing power for food products, only 35% of these are willing to cut expenses on this category of goods.
73% and 74% of respondents have mentioned the impact of processes in the national economy over the past year on their purchasing power for clothes and home appliances, while 40%-46% only expressed their intent to cut expenses on these. We can draw a conclusion that if economic instability and recession in Russian economy maintains, the demand exactly in these branches will suffer the most.
This study was conducted in April - May 2015 based on all-Russia random route sample (18+) by means of face-to-face interviews in place of residence. Altogether 1500 respondents in 8 federal districts, 150 settlements, 200 sample points have been surveyed. The sample error makes ± 2,5%, C.I. is 95%.