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Russians feel OK with a possible crises

Signs of a crisis are increasingly showing up in the Russian economy. How the slackening of the rates of economic growth and the Russian ruble exchange rate drop impact on the Russians mood? Bashkirova and partners Company has conducted a survey to see how Russians estimate the crisis potential impact on their material welfare.

 

43% of the interviewed Russians said the crisis had impact on their life. About 50% stated the crisis did not have any noticeable impact on their life. These are unemployed, salespersons, who are most of all affected by the crisis (more than a half of representatives in each of these categories confirmed this). The retired, office clerks, workers and non-qualified workers in service industries are found to be a little bit less vulnerable (impact of crisis developments have been sensed by 45-50% of members of the given categories). 

 
Nearly a half of respondents (49%) define their household financial standing as good, which is by 3 p.p. less, compared to figures of 2013. 43% describe their financial status as poor (i.e. by 2 p.p. more than one year ago). The best part of the interviewees considering their financial standing to be poor, report they have been impacted by the signs of the crisis in the economy. About a third of those believing their household position is good have also sensed the negative developments in the economy 

  

This being said, the vast majority (77%) of Russians look to the future with confidence. Most of them is of opinion their financial standing is at least going to remain the same in 2014 (55% of the survey participants think so). Some of these hope, their material welfare will get improve (22% of the responses). We had by 4 p.p. less respondents in January 2014 who were confident of their incomes stability or their improvement, than one year ago. This is above all due to shrinkage of the group of citizens expecting improvement of their financial standing. We should note: even amongst Russians estimating their financial status as poor, more than a half is sure of stability in their status and at least expect no worsening.

Most of the Russian citizens have seemingly got tired of pessimistic forecasts. Some believe the authorities will not allow dramatic drop in living standard in Russia (at the same time the Russian government members and the media are liberal of promises and comforting and soothing forecasts). The others perceive the crisis as a challenge, and being confident of their own powers and abilities, look for new both professional and financial opportunities.

Similar moods (also influencing consumer behavior) can make one of the drivers capable of contributing to the economy’s fighting the stagnation.

  

The study was conducted in January 2013 and 2014 based on all-Russia representative random route sample in adults (18+) using face-to-face interview method in place of residence. Altogether 1000 respondents in 8 federal districts, 100 settlements have been interviewed. The sample error makes up 3,1%.

 

* percentage point





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