Moscow Money
Rich Russians are spending as if there's no tomorrow--which many say there won't be
Studies confirm that this pessimistic view is widely held. A recent one by the Public Opinion Foundation shows that nearly half of Russians are making no plans for the future, and the majority believe they will never be rich. "Sure, the number of people who can afford to make major purchases has grown," says Natalya Bondarenko, an economics researcher at another pollster, the independent All-Russian Center for Public Opinion Research. "But for most people, the major accomplishment is just that they are fed. A troubling fact is that an ever increasing number of people are saying they expect the economy to get worse."
In addition, the center's studies show that despite improvement in their own situation, those who have less are growing ever more resentful of those who have more. "I am sure something bad is coming," says an investment professional in Moscow. "Objectively speaking, the market should be much better than it is: The drop in oil prices everyone feared hasn't happened, the economy is stable--but instead of being great, things are just good." In the short run, that means that instead of buying shares, this businesswoman, like many other potential investors, opts for buying things.
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