Russians delay large purchases to better times. One-thirds of them entrust their savings to banks.

MOSCOW, August 10, 2015. Russian Public Opinion Research Centre (VCIOM) presents the results of the survey concerning the following questions: whether Russians think that today is the right time to make large purchases and loan; and what patterns of economic pattern they prefer.

The Consumer Confidence Index* has been within a range of 33 and 32 points from May to August 2015. About two-third of Russians (64% in August) still think that today is not the good time to make large purchases. In contrast, the index was 44 points a year ago (September 2014). In August 2009, the reading was also 44: it was acceptable for Russians to make large purchases, unlike today.

Currently, seventy-eight percent of Russians think that it is pointless to loan. The indicator showing the levels of the Credit Confidence** is also stagnating. It made up 23 points in August (21 points in January.) Over a year, there has been a significant decrease (from 34 p. in September 2014); however, the difference is minor, compared to 2009 (25 p.).

The economic behaviour pattern has not changed since the beginning of the year: most of Russians (58%) believe that spending should be reduced, as the most money should be set aside for the future. The share of those who oppose this idea is twice bigger (27%); they think that it is better to spend salary on everyday expenses and needs (30% of those aged 18-14 vs. 22% of those aged over 60; 28% of respondents with high level of education vs. 17% of respondents with elementary level of education).

Forty-one percent of Russians think that those who keep money in a bank should take it out. On the contrary, 33% think that savings should be placed in a bank account. The former opinion is shared by 25-44-year-old Russians (47%), rural residents (48%), people with low income (55%). The latter position is supported by those who have high income (41%), residents of Moscow and St. Petersburg (44%).

*Consumer Confidence Index shows how favourable, according to Russians, now the time is to make large purchases. The Index is based on the question “In your opinion, is today the right time to make large purchases, or not? The answer “rather yes” corresponds to the coefficient “0.9”, “rather not” - “0.1”; “Don`t know”- “0.5”. The Index is measured in points and can vary between 10 and 90. The higher the value of Index is, the more favourable the current situation is to make large purchases.

**Credit Confidence Index shows how favourable, according to Russians, now the tie is to loan. The Index is based on the question “In your opinion, is today the right time to loan, or not?  The answer “rather yes” corresponds to the coefficient “0.9”, “rather not” - “0.1”; “Don`t know”- “0.5”. The Index is measured in points and can vary between 10 and 90. The higher the value of Index is, the more favourable the current situation is to take on a loan.

The VCIOM opinion poll was conducted August 29-30, 2015; 1600 respondents were interviewed in 130 settlements in 46 regions of Russia. The margin of error does not exceed 3.5%.

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!