Russian consumer spending on New Year’s parties and gifts down by quarter this year

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Spending by Russian consumers on the biggest shopping day of the year before New Year’s Eve may fall by a quarter due to the economic slowdown and sanctions, according to the forecasts of the Tinkoff Kassa service, Kommersant reported on December 30. Spending may decrease by an estimated 24% according to Tinkoff, Russia’s only purely online bank, the lowest level in over five years. Analysts attribute this to lower costs, the exit of foreign brands and less active seasonal sales. Tinkoff Kassa says the last time the spending by Russians on December 30 decreased was in 2019 when it fell by just…

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