Demand Comes and Goes: The intensive growth of consumption in Russia will soon be replaced by stagnation, or even contraction
Consumer sentiment among Russians remained high at the end of summer, despite the rising price of imported goods and the growth of credit rates due to tighter monetary policy. At the same time, according to operational data, consumer spending has already started to stabilise. In 2022, this suffered a significant decline, but in 2023, rising wages, the availability of consumer credit, and the pent-up demand from 2022 have revved up the consumption engine.