Russia: Consumer confidence plummets in Q4 2014
January 16, 2015
The consumer confidence index published by the Federal State Statistics Service (Rosstat) plunged from minus 7.0% in the third quarter to minus 18.0% in the fourth quarter. Q4’s result marked the lowest confidence level among Russian consumers since Q4 2009.
According to Rosstat, all the components of the index deteriorated in the fourth quarter, notably consumers’ opinions regarding the future economic situation of the country. Their assessment of the current situation in the economy also deteriorated. Regarding their current financial circumstances, households were less optimistic, while they were notably more pessimistic about their future financial conditions. In addition, Rosstat reported that consumers were more pessimistic regarding the potential purchase of big-ticket items and regarding the economic conditions that favor savings.
Author: Ricardo Aceves, Senior Economist