Consumer moods and credit behavior of Russians have been stable throughout the year.

MOSCOW, July 1, 2019. Russian Public Opinion Research Center (VCIOM) presents the findings of a monitoring survey devoted to Russians’ consumer confidence, financial trust and Russian attitudes towards bank deposits.

Indices of Consumer Confidence* and Financial Trust** have been strengthening since the beginning of the year. The June figures exceed the readings for the same periods of 2015-2016 but are far from the 2014 figure.

According to the recent survey data, every fourth Russian (25%) says today is a favorable time to make large purchases (22% in January, 2019). More than half of respondents (58%) are skeptical, though. The Consumer Confidence Index made up 37 p. in June.  

As to lending, respondents seem to be less optimistic; however there is positive dynamics: the index is at 26 p. (an increase from 26 p. since January). At the same time, three-quarters of Russians (74%) report they cannot afford large loans; they are opposed by every tenth Russian (13%).

The attitudes of Russians towards banks have not changed over the last year: 46% of Russians think it is now a good time to put spare money into a deposit. One-third of respondents think it is better to withdraw money from bank accounts (32%).

The share of Russians who prefer saving strategy has increased by 2 p.p. (68% vs 66% in May 2019); they think it is important to cut everyday costs to save up. On the contrary, every fifth Russian thinks it is better to spend salary or pension (22%).

*Consumer Confidence Index shows how favorable Russians think the present time is for large purchases. Index is based on the question “In your opinion, is now a good or bad time to make large purchases?”. The answer “likely good” corresponds to the coefficient “0.9”; “likely bad” – “0.1”; “don’t know” – “0.5”. Index is measured in points and can vary between 10 and 90. The higher the index, the more favorable Russians think the present time is for large purchases.

**Financial Trust Index shows how favorable Russians think the present time is for lending activities. Index is based on the question “In your opinion, is now a good or bad time to take a loan?” The answer “likely good” corresponds to the coefficient “0.9”; “likely bad” - “0.1”; “don t know” – “0.5”. Index is measured in points and can vary between 10 and 90. The higher the index, the more favorable Russians think the present time is for taking a loan.

VCIOM-Sputnik survey was conducted on June 27, 2019. The survey involved 1,600 Russians aged 18 and over. The survey was telephone-based and carried out using stratified dual-frame random sample based on a complete list of landline and mobile phone numbers operating in Russia. The data were weighted according to selection probability and social and demographic characteristics. The margin of error at a 95% confidence level does not exceed 2.5%. In addition to sampling error, minor changes in question wording and different circumstances arising during the fieldwork can introduce bias into the survey.

The 2012-2016 results are based on household surveys; the 2017 data are based on VCIOM-Sputnik daily survey involving 600 respondents. 

Note: Using materials from the site www.wciom.ru or wciom.com, as well as distributed by VCIOM, the reference to the source (or hyperlink for the electronic media) is obligatory.