The MAYOR: the Russians in September switched to a “savings” model behavior

The MAYOR: the Russians in September switched to a “savings” model behavior


The citizens of Russia in September has increased the desire to protect themselves, many people set up a cash reserve in case of deteriorating economic situation, according to the Ministry of economic development.

MOSCOW, 28 Oct. The population of the Russian Federation in September 2015 due to depressed real wages and real disposable incomes will significantly change their consumer preferences and switched to “savings” model behaviour that reflects the desire to create a “safety cushion” in case of deterioration of the economic situation, according to the monitoring, the Ministry of economic development.

“In August, falling to 14.8%, the savings rate in September returned to growth and amounted to 15% (excluding seasonal factors). The propensity to save is high and reflects the desire of the population to protect themselves, creating a “reserve” in case of possible deterioration of the economic situation”, — the document says.

With the exception of seasonal factors, real wages in September showed zero dynamics, but its annual rate of decline increased to 9.7% compared to 9% in August. In January-September the figure decreased by 9% on the same period last year. The MAYOR is expected to improve the situation in the following months, which should contribute to a gradual slowdown of inflation and the base effect of the end of 2014.

The document States that, compared with September 2014 retail trade turnover declined by 10.4%, which is the maximum reduction in the current year, including food, beverages and tobacco products — by 9.7%, for nonfood products — by 10.9%.

According to the Ministry, reduction of retail trade turnover with the exception of the seasonal factor in September was 0.9%. In General, during the period from the beginning of the year the retail trade turnover decreased by 8.5% compared with January-September of 2014. This reduction was fairly uniform: the turnover of retail trade of food products decreased by 8.3%, nonfood products — by 8.6%.

In addition, in September intensified the decline in the annual dynamics of paid services to the population. Compared with September 2014, the amount provided to the population of paid services decreased by 3.5% against a decline of 2.9% in August. For January-September 2015 the volume of paid services to the population decreased by 1.9% against the same period last year.