By Andrei Skvarsky.
Deutsche Boerse’s research subsidiary MNI says consumer sentiment in Russia was slightly more upbeat in September than the month before but that Russians were more worried about the job market and rising prices than in August.
According to the latest MNI Russia Consumer Indicator – the indicators, compiled by MNI Indicators, a division of the research firm, are indexes based on monthly surveys, – Russians were more satisfied with personal financial situation in September than in August, they were more willing to buy big-ticket items and were more optimistic about the country’s general business conditions for the next year and the next five years.
However, their feelings about their expected financial situation a year from now had stayed unchanged since August at what has been the lowest point since MNI launched its surveys.
Consumers were, moreover, increasingly concerned about the job market, and after a ban on food imports by Russia their degree of dissatisfaction with the current level of prices rose to the highest point recorded in the surveys.
Despite September’s upward trend, optimists were still in a minority, and the overall level of consumer confidence as calculated on the basis of the MNI Russia Consumer Indicators was 12.4% down year-on-year.
“Sentiment picked up a little but remains sharply down on the year. Consumers are still worried about their jobs and are hurting from the persistent high level of prices,” an MNI statement quoted MNI Indicators chief economist Philip Uglow as saying.
“The continued low level of our consumer indicator and the weakness seen in our business survey as well, suggest we’ll be lucky to see positive GDP growth in 2014.”
Sorry, comments are closed for this post.