Travel, Parties and Gifts Fuel Holiday Spree [Russia]

The Moscow Times ^ | December 28, 2006 | Simon Shuster

[sergey1973]

In the shopping malls of Moscow, the only relic of Soviet times could be the lines that snake around the counters. The rest is glittering displays, unsteady men in Santa suits, and the bustle and noise of eager shoppers, which came to fever pitch this month.

The holidays are here.

"It is only the shortages that people cannot understand," said Galina Vishnyakova, 28, a shopper at the Ramstore mall on Sheremetyevskaya Ulitsa whose cart was loaded with champagne and expensive treats. "But they adapt very quickly to all these little luxuries."

During this holiday season, Russians will shell out 13 percent of their yearly income -- almost three times the European average -- on luxuries such as travel, parties and gifts, a study released last month by consultancy Deloitte & Touche said.

But fears that chaos could come tomorrow are as much the reason for this trend as the festive mood of today, said Alexander Dorofeyev, the Deloitte & Touche partner behind the study.

"The country is awash with money," Dorofeyev said. "But people in Russia still don't trust the official news that the economy is growing. They have experienced so much turbulence in their economic lives that they have not adjusted to stability. So their first instinct is to spend now. ... Enjoy now, because you don't know what's going to happen later."

[sergey1973]

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[elhombrelibre]

Gee, I wonder why their economy is doing so well. Could it be that since they got rid of communism they're now more productive, more entrepreneurial, spending less time in line for daily essentials, more secure in their private property, and better able to pursue their own interests? Wake up, Raul, Communism doesn't work.

[Thrownatbirth]

"The country is awash with money," Dorofeyev said. "But people in Russia still don't trust the official news that the economy is growing.

Damn, that rings a bell somewhere.