Interest in consignment stores, second-hand shops and repair services for household appliances is growing all over Russia. As the cost-of-living soars, more and more consumers are refraining from buying new products, such as clothes and shoes, and turning to cheaper used alternatives instead. In times of economic instability, young Russians in particular are spending less on travel, entertainment and luxury goods.

Last year, the inflation rate in Russia rose to 9.52%, significantly higher than the central bank's forecast of a maximum of 8.5%. The authorities' attempts to curb the rise in prices, which included an increase in the key interest rate, had little effect.

Russian economist Igor Lipsits believes that the actual annual inflation rate is more than seven times higher than the official rate. He explained that the Russian economy is increasingly similar to that of the former Soviet Union, which was geared toward military needs. During the Soviet era, considerable funds went to the arms industry, with social issues taking a back seat. The experts pointed out that, given the economic instability in the country, those who repaired products or sold used goods could live more comfortably.

Andrei........

© Deutsche Welle