In March 2023, 57 percent of Russians indicated a preference for saving money over spending on high-priced items. This share rose by one percentage point from February. Conversely, the portion of people who chose to buy expensive goods fell from 28 percent to 25 percent. Additionally, 18 percent of Russians in March reported that a clear choice between saving and spending was difficult to make, up from 17 percent in February. This information comes from the central bank’s report on Inflation expectations and consumer sentiment for March 2023, based on a survey conducted by inFOM.
The report notes that in March the share of respondents who opted to save money rather than buy pricey items reached its highest level since May 2018, indicating a notable shift toward precautionary saving among households.
Among those who preferred saving, 37 percent favored bank deposits while 36 percent preferred holding cash. Thirteen percent of respondents viewed both forms as viable savings options. Five percent believed that neither deposits nor cash were ideal for saving, and nine percent found it difficult to answer the question about the best method to save.
The inFOM survey covered residents in Russian cities with populations of 100,000 or more, conducted in March. The participant pool included men aged 18 to 65 and women aged 18 to 60, representing a broad cross-section of urban households and their financial behavior in the period surveyed.