Russia Facing Overconsumption Crisis
Russians' spending plans look somewhat more modest this year, compared to last, in a survey conducted by the All-Russia Center for the Study of Public Opinion. Sending on apartment repairs, education and cars are all down. Twenty-four percent of Russians plan repairs in their living quarters this year, compared to 30 percent last year. Those planning to pay for education dropped from 18 percent to 12 percent. Plans to buy tour packages dropped from 15 to 12 percent and computer buyers dwindled from 10 to 8 percent.
Other items retained Russians' interest. Seven percent of the population still plans to buy luxury items. Three percent will buy dachas and the same number will buy either a dishwasher or a new kitchen stove. Nonetheless, interest in most goods dropped by 103 percent in the last year. Video camera buyers dropped from 9 to 7 percent, washing machine buyers from 6 to 4 percent, furniture buyers from 7 to 5 percent. Interest in stock, mutual funds and other financial instruments dropped from 3 to 2 percent.
Most Russian have the major items they need, such as refrigerator (94%), color television (91%), apartment (85%), cellular phone (67%) and car (36%). Incomes continue to rise, however, so the pinch merchants are feeling from that prosperity is unlikely to be severe or long-lasting.
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All the Article in Russian as of Mar. 12, 2008
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Photo: Roman Yarovitsin
