Russians are not ready to incur expenses. Commentary from Nina Kozlova in Gazeta.ru

Although some Russians began to take out more loans, the latest sociological data on consumer activity gave no grounds for optimism. In April, the National Public Opinion Research Center (VTsIOM) noticed tiny recovery in consumer demand, but 'Romir' reported a decrease in spending among Russians. The Russian Statistical Service (Rosstat) has been keeping records of decline in retail trade. Experts do not expect significant improvement in the situation before 2018.

Nina Kozlova

General Director of FinExpertiza

- It is obviously premature to talk about the mood change among our citizens. Even the growth in lending does not indicate the unambiguously positive reaction.

In March 2017, banks granted loans to individuals in the amount of 10.87 trillion rubles against 11.33 trillion rubles as of January 2015. The share of overdue loans increased from 5.9% as of 1 January 2015 to 8.1% as of March 2017.

Increasing debt levels on mortgage loans granted to Russians are also a wake-up call . So, at the end of February 2017, their debts increased by 13% as compared to January 2016 according to the Agency for Housing Mortgage Lending.