Thrifty Russians Find New Ways to Save in Two-Speed Recovery
- Holidays last month didn’t lift consumption, consultancy says
- Retail sales set to shrink for record 26th month as wages rise
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Not even Russia’s “Valentine’s Day for men” could rouse consumers from a slumber that’s stretching into a third year.
February is usually a time of impulse buying because the actual Valentine’s Day is followed by a holiday for veterans and people serving in the military -- which dates to Soviet times and doubles as a celebration for men as a whole. But gloom has descended this time around, keeping consumption down even as broader economic growth gains traction.