Russians embrace modest holidays amidst rising inflation
Many Orthodox Christians observe the New Year and Christmas at the beginning of January, but this year, they will be more modest in their celebrations, with some even relying on credit, reports "Republic". According to official data, this is partly due to high inflation, over 9.5 percent.
As they approach the third year of the Ukraine invasion, Russians face financial challenges related to New Year's celebrations. Rising prices for basic goods and services mean many resort to loans for holiday shopping. Officially, inflation in Russia is 9.5 percent, but consumers feel it is much higher.
A financial market survey by Compare, cited by "Republic," indicates that 11 percent of Russians will take out a loan to cover holiday shopping expenses. Most loan applications come from Moscow, where residents spend a month's salary on gifts and holiday meals.
Prices for Christmas trees have increased by 50 percent, while red caviar costs 33 percent more. Russians plan to spend an average of 5,000 rubles on holiday food, approximately $126. Other price hikes affect items like tangerines and travel, which are a quarter more expensive.
Due to rising costs, Russians increasingly turn to homemade preserves and garden produce. Vodka often comes from illegal sources, while bread is baked at home. Only 8 percent of Russians plan to spend more than 50,000 rubles (approximately $1,263) on holiday food.
Popularity of domestic trips
Despite financial difficulties, Russians are not giving up on travel. Domestic trips remain very popular, particularly to regions such as Krasnodar Krai or the Moscow Oblast. Interest in unique destinations like Kamchatka or Sakhalin has also risen.
Overseas travel has become significantly more expensive, with costs doubling. Russians continue to book trips to destinations such as Thailand, Egypt, and Turkey, and the increase in prices has not deterred them from planning winter vacations.
