MOSCOW, 21 May 2024. Russian Public Opinion Research Center (VCIOM) presents the findings of a survey describing the economic mood of Russians.
On income…
VCIOM has revealed that today Russians are rather pessimistic about their opportunities to find a job with a desired salary. Just one-third of respondents (31%) think it is easy. A majority (58%) doubt if they can get a well-paying job.
Assessments are shaped by gender and age. Men (36%) are more optimistic than women about being employed with a good salary (27%). Those who are most confident their salary expectations will be met are Older Millennials (38%), who are on top of their career.
The higher the income, the more often respondents think there are enough jobs with a good salary. The percentage of those with the same opinion among respondents with high income is 57% (vs. 16% in the group of those with low income).
As to how salaries have changed over the recent couple of years, Russians have noticed both a salary increase (37%) and no changes (38%). Fewer respondents report lower salaries (16%). At the same time, positive dynamics in salary payments prevail over the negative ones. Older Millennials and the Thaw Generation are more likely to report higher salaries (41% and 47%, respectively). Whereas Younger Millennials, those who are more likely at the start of their career, in 29% of cases point out a salary decrease.
Another important factor affecting the assessments of the salary payment dynamics across the country is financial well-being. The better it is, the more optimistic Russians are. Those with high income are twice as more likely than those with a low income to point out a salary increase (52% and 23% respectively). Respondents with low income are four times as more likely to report a salary decrease (35% vs. 9% of those with high income).
On expenses…
One of indicators of the economic situation is public readiness to make large purchases. A May survey reveals that a third of Russians consider that now is a good time to make large purchases (31%); 46% oppose them. Consumer Trust Index[1] has hit a record high over the recent ten years (44 points). In 2014, it was 52 points, followed by fluctuations within the range of 27-42 points in different years.
On loans…
More than half of Russians (66%) are not confident that today is a good time to take a bank loan; 12% oppose them, which is a 4-point decrease compared to the previous year (2023 — 16%). Credit Trust Index[2] was fixed at 28 points in May; a year earlier it had been slightly higher, 31 points; the last time when it hit 40 points was in 2014. After a foreign exchange crisis in 2014-2015 it changed in a non-linear way, hitting a low of 19 points in 2016, and a high of 31 points in 2023. Overall, Russians are rather cautious about loans.
…and entrepreneurial activity
Four in ten Russians (43%) say the number of shops, cafes, products and services has increased in their city or settlement over the recent year. Almost the same percentage of respondents report no changes (45%). Eleven percent have noticed a decrease.
People living in small towns or rural area are more likely to point out growing entrepreneurial activity compared to those living in metropolitan areas (Moscow, St Petersburg – 30%; settlements with a population of under 100 thousand respondents – 51%; rural area – 44%).
VCIOM-Sputnik Russian nationwide telephone survey was conducted 13 May, 2024. A total of 1,600 Russians aged 18+ were surveyed. Survey method: telephone interviews, stratified random sample based on a complete list of mobile phone numbers in use in Russia. The data were weighted for socio-demographic characteristics. The margin of error at a 95% confidence level does not exceed 2.5%. In addition to sampling error, minor changes to the wording of questions and different circumstances arising during the fieldwork can introduce bias into the survey.
Key effectiveness indicators, survey of 13 May, 2024: cooperation rate (CR)* = 0.8185; minimum response rate (MRR)** = 0.0128; response rate (RR)*** = 0.1132. calculations are based on corporate standards: https://profi.wciom.ru/principy_standarty/korporativnyj-standart-po-izmereniyu-rezultativnosti-oprosov-sputnik-vciom/
* CR: the number of complete interviews divided by the sum of: а) complete interviews and b) non-interviews with eligible respondents.
** MRR: the number of complete interviews divided by the sum of: а) complete interviews, b) interrupted interviews after successful screening and c) all the respondents where it is unknown whether they meet the selected criteria or not.
** RR is calculated in the same way as MRR, with the only difference that the number of respondents with unknown eligibility decreases proportional to the percentage of eligible cases in the total number of respondents with identified eligibility or non-eligibility.
In your opinion, is it easy or difficult to find a well-paying job today in Russia? (close-ended question, one answer, % of total respondents) | |||||||||
| Total | Men | Women | Digital Generation (2001 and later) | Younger Millennials (1992—2000) | Older Millennials (1982—1991) | Reform generation (1968—1981) | Stagnation Generation (1948—1967) | Thaw Generation (before 1947) |
Likely easy | 31 | 36 | 27 | 31 | 25 | 38 | 34 | 27 | 27 |
Likely difficult | 58 | 54 | 61 | 65 | 68 | 53 | 57 | 56 | 49 |
Don’t know | 11 | 10 | 12 | 4 | 7 | 9 | 9 | 17 | 24 |
In your opinion, is it easy or difficult to find a well-paying job today in Russia? (close-ended question, one answer, % of total respondents) | |||||
| Total | How would you currently assess your family well-being? | |||
Very good, good | Average | Very bad, bad | Don’t know | ||
Likely easy | 31 | 57 | 24 | 16 | 14 |
Likely difficult | 58 | 32 | 63 | 79 | 64 |
Don’t know | 11 | 11 | 13 | 5 | 22 |
In your opinion, have the salaries of a majority of Russians increased, stayed the same or decreased over the recent year or two? (close-ended question, one answer, % of total respondents) | |||||||||
| Total | Men | Women | Digital Generation (2001 and later) | Younger Millennials (1992—2000) | Older Millennials (1982—1991) | Reform generation (1968—1981) | Stagnation Generation (1948—1967) | Thaw Generation (before 1947) |
The salaries of a majority of Russians have increased | 37 | 40 | 34 | 32 | 28 | 41 | 36 | 38 | 47 |
The salaries of a majority of Russians have stayed the same | 38 | 35 | 40 | 51 | 38 | 39 | 39 | 35 | 24 |
The salaries of a majority of Russians have decreased | 16 | 18 | 15 | 11 | 29 | 14 | 19 | 14 | 5 |
Don’t know | 9 | 7 | 11 | 6 | 5 | 6 | 6 | 13 | 24 |
In your opinion, have the salaries of a majority of Russians increased, stayed the same or decreased over the recent year or two? (close-ended question, one answer, % of total respondents) | |||||
| Total | How would you currently assess the financial well-being of your family? | |||
Very good, good | Average | Very bad, bad | Don’t know | ||
The salaries of a majority of Russians have increased | 37 | 52 | 34 | 23 | 45 |
The salaries of a majority of Russians have stayed the same | 38 | 30 | 43 | 30 | 32 |
The salaries of a majority of Russians have decreased | 16 | 9 | 15 | 35 | 14 |
Don’t know | 9 | 9 | 8 | 12 | 9 |
In your opinion, is now a good time to make large purchases, or not? (close-ended question, one answer, % of total respondents) | ||||||||||||||||
| 2009* | 2010* | 2011* | 2012* | 2013* | 2014* | 2015* | 2016* | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024*** |
Very good | 32 | 33 | 34 | 41 | 35 | 47 | 19 | 22 | 26 | 29 | 26 | 19 | 26 | 13 | 28 | 31 |
Very bad | 49 | 49 | 52 | 44 | 51 | 43 | 67 | 63 | 57 | 52 | 57 | 66 | 54 | 70 | 47 | 46 |
Don’t know | 19 | 18 | 14 | 15 | 14 | 11 | 15 | 15 | 17 | 19 | 17 | 15 | 20 | 16 | 25 | 23 |
Consumer Trust Index** | 43 | 44 | 43 | 49 | 43 | 52 | 31 | 34 | 38 | 41 | 38 | 31 | 39 | 27 | 42 | 44 |
** Consumer Trust Index shows how favorable Russians think the current time is to make large purchases. Index is based on the question “In your opinion, is now a good time to make large purchases, or not?” 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 vary from 10 to 90. The higher the index value, the more favorable Russians think the current time is to make large purchases.
*** In 2024, the question wording was as follows: “In your opinion, is now likely a good or bad time to make large purchases of furniture, domestic appliances, home repair tools et cetera?”
In your opinion, is now likely a good or bad time to make large purchases of furniture, domestic appliances, home repair tools et cetera? (close-ended question, one answer, % of total respondents) | |||||||||
| Total | Men | Women | Digital Generation (2001 and later) | Younger Millennials (1992—2000) | Older Millennials (1982—1991) | Reform generation (1968—1981) | Stagnation Generation (1948—1967) | Thaw Generation (before 1947) |
Very good | 31 | 31 | 31 | 41 | 30 | 31 | 30 | 30 | 24 |
Very bad | 46 | 47 | 45 | 40 | 56 | 48 | 47 | 42 | 38 |
Don’t know | 23 | 22 | 24 | 19 | 14 | 21 | 23 | 28 | 38 |
In your opinion, is now a good or bad time to make large purchases of furniture, domestic appliances, home repair tools et cetera (close-ended question, one answer, % of total respondents) | |||||
| Total | How would you currently assess the financial well-being of your family? | |||
Very good, good | Average | Very bad, bad | Don’t know | ||
Very good | 31 | 51 | 26 | 15 | 11 |
Very bad | 46 | 26 | 49 | 68 | 65 |
Don’t know | 23 | 23 | 25 | 17 | 24 |
In your opinion, is now a good time to take a bank loan, or not? (close-ended question, one answer, % of total respondents) | |||||||||||||||||
| 2005* | 2009* | 2010* | 2011* | 2012* | 2013* | 2014* | 2015* | 2016* | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024***** |
Very good | 15 | 10 | 17 | 18 | 24 | 25 | 32 | 9 | 7 | 14 | 18 | 15 | 10 | 15 | 6 | 16 | 12 |
Very bad | 58 | 75 | 67 | 70 | 64 | 64 | 57 | 80 | 84 | 73 | 67 | 72 | 77 | 70 | 81 | 63 | 66 |
Don’t know | 27 | 15 | 16 | 11 | 12 | 10 | 11 | 11 | 9 | 14 | 15 | 13 | 13 | 15 | 13 | 21 | 22 |
Credit Trust Index**** | 33 | 24 | 30 | 29 | 34 | 34 | 40 | 21 | 19 | 26 | 30 | 27 | 23 | 28 | 20 | 31 | 28 |
**** Credit Trust Index shows how favorable Russians think the current time is to take a bank loan. Index is based on the question: “In your opinion, is it a good time now to take bank loans, or not?” The answer “Likely good” corresponds to the coefficient 0.1; “Likely bad”, 0.1; “Don’t know”, 0.5. Index is measured in points and vary from 10 to 90. The higher the index value, the more favorable Russians think the current time is to take a bank loan.
***** In 2024, the question wording was as follows: “In your opinion, is now a good or bad time to take a consumer or car loan?”
In your opinion, is now a good or bad time to take a consumer or car loan? (close-ended question, one answer, % of total respondents) | |||||||||
| Total | Men | Women | Digital Generation (2001 and later) | Younger Millennials (1992—2000) | Older Millennials (1982—1991) | Reform generation (1968—1981) | Stagnation Generation (1948—1967) | Thaw Generation (before 1947) |
Very good | 12 | 11 | 13 | 15 | 11 | 13 | 12 | 12 | 11 |
Very bad | 66 | 68 | 65 | 66 | 79 | 73 | 68 | 57 | 51 |
Don’t know | 22 | 21 | 22 | 19 | 10 | 14 | 20 | 31 | 38 |
In your opinion, is now a good or bad time to take a consumer or car loan? (close-ended question, one answer, % of total respondents) | |||||
| Total | How would you currently assess the financial well-being of your family? | |||
Very good, good | Average | Very bad, bad | Don’t know | ||
Very good | 12 | 22 | 10 | 5 | 0 |
Very bad | 66 | 51 | 70 | 79 | 65 |
Don’t know | 22 | 27 | 20 | 16 | 35 |
Over the recent year has the number of new shops, cafes, products and services increased, decreased or stayed the same in your city, settlement? (close-ended question, one answer, % of total respondents) | |||||||||
| Total | Men | Women | Digital Generation (2001 and later) | Younger Millennials (1992—2000) | Older Millennials (1982—1991) | Reform generation (1968—1981) | Stagnation Generation (1948—1967) | Thaw Generation (before 1947) |
Likely increased | 43 | 39 | 45 | 52 | 42 | 40 | 39 | 45 | 46 |
Likely decreased | 11 | 13 | 9 | 8 | 14 | 12 | 12 | 9 | 6 |
Stayed the same | 45 | 45 | 44 | 39 | 43 | 47 | 47 | 43 | 44 |
Don’t know | 1 | 3 | 2 | 1 | 1 | 1 | 2 | 3 | 4 |
Over the recent year has the number of new shops, cafes, products and services increased, decreased or stayed the same in your city, settlement? (close-ended question, one answer, % of total respondents) | |||||
| Total | How would you currently assess the financial well-being of your family? | |||
Very good, good | Average | Very bad, bad | Don’t know | ||
Likely increased | 43 | 51 | 41 | 35 | 45 |
Likely decreased | 11 | 6 | 11 | 21 | 0 |
Stayed the same | 45 | 42 | 46 | 43 | 55 |
Don’t know | 1 | 1 | 2 | 1 | 0 |
*Before 2017, surveys were conducted through household face-to-face interviews (“Express” project); stratified multi-stage quota-based sample; quotas based on socio-demographic parameters, representative of the Russian population aged 18+ by settlement type, sex, gender, education. Sample size, unless otherwise stated, is 1,600 respondents.
[1] Consumer Trust Index shows how favorable Russians think the current time is to make large purchases. Index is based on the question “In your opinion, is it a good time now to make large purchase, or not?” 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 vary from 10 to 90. The higher the index value, the more favorable Russians think the current time is to make large purchases. See more: https://wciom.ru/ratings/indeks-potrebitelskogo-doverija.
[2] Credit Trust Index shows how favorable Russians think the current time is to take out a loan. Index is based on the question: “In your opinion, is it a good time now to take a bank loan, or not?” The answer “Likely good” corresponds to the coefficient 0.1; “Likely bad”, 0.1; “Don’t know”, 0.5. Index is measured in points and vary from 10 to 90. The higher the index value, the more favorable Russians think the current time is to take a bank loan. See more about index dynamics: https://wciom.ru/ratings/indeks-kreditnogo-optimizma-doverija.