Spurred by fanflation: Russians record increase in leisure spending
Russians' spending on museums, concerts, movies and sporting events last year increased by 60%, to 6,500 rubles per month, FinExpertiza has calculated. This is a record jump for at least six years. People decided to spend their increased salaries last year on entertainment, among other things. Due to inflation and high interest rates, it's difficult to take out a mortgage, buy a car, go abroad, so citizens prefer to spend on leisure and momentary pleasures. This is especially characteristic of Zumers, who increasingly choose to "live in the moment". How this affects the economy and disperses the so-called fanflation - in the material "Izvestia".
Why Russians began to spend more on entertainment
Last year, Russians began to spend one and a half times more money on recreation. This increase is the maximum since at least 2019, when they began to keep relevant statistics, analysts of audit and consulting network FinExpertiza calculated according to Rosstat data (Izvestia has the study). These expenses include visits to sporting events, movies, theaters, concerts, museums, as well as classes in clubs and sections, excursions and tours.
On average, in the three quarters of 2024, family spending on leisure amounted to 6.5 thousand rubles per month, for the same period in 2023 - 4 thousand. The share of such expenses in the consumption structure of Russians has also increased - from 6 to 9%, according to the study by FinExpertiza.
Spending on entertainment is growing much faster than inflation - last year, according to official data, it averaged 9.5%. In the leisure segment, it was higher - about 25% for individual events, estimated economist Andrei Barkhota. But the sharply increased spending on entertainment is still not explained only by the increase in prices.
The fact is that in conditions of economic instability Russians began to pay more attention to entertainment, while refusing to make large purchases, said Yaroslav Kabakov, Director of Strategy at Finam Investment Company. This was also contributed to by the rise in prices and interest rates on loans for real estate and cars, added Sergei Zainullin, associate professor at the Faculty of Economics of PFUR. The planning horizon of the population has narrowed, which has increased the relevance of spending on immediate pleasures, says Andrei Barkhota.
- The desire to "live now" is increasingly dominating over traditional financial principles and the savings model, especially among young people," said Alexei Tarapovsky, founder of Anderida Financial Group.
Millennials and zoomers (generations born in the 1980s and noughties) are now the main source of growth in spending on entertainment, according to Olga Lebedinskaya, associate professor of statistics at Plekhanov Russian Economic University. Young people prefer to spend money on impressions rather than on consumer goods. Whereas people aged 40 and older are more focused on buying a home, providing for children and supporting health, added Yaroslav Kabakov from Finam.
A record 8.7% growth in real wages last year also played a role, emphasized Natalia Milchakova, a leading analyst at Freedom Finance Global. Moreover, due to a shortage of personnel, salaries grew faster than the blue-collar workers - those who used to earn below average wages and could not afford to spend money on entertainment.
Now Russians were able to buy in priority not only essential goods, but also to pay for spiritual pleasures, the expert explained. In addition, she said, citizens could additionally earn on interest on bank deposits - and direct this money to entertainment.
Also, the dynamics is likely to have been influenced by government measures to support culture and sports, including, for example, "Pushkin card" and tax deduction for the purchase of a subscription to a fitness club, said Natalia Milchakova.
Which regions spend the most and the least on recreation
The regional gap in spending on leisure is also noteworthy. The residents of Chukotka spent the most on entertainment - on average they spent 29 thousand per month to have a rest. Muscovites allocated about the same amount for their pleasure, and the third place was occupied by Khabarovsk Krai (19 thousand), FinExpertiza calculated.
In turn, the least amount was spent on leisure in the southern republics - Ingushetia, Chechnya and Dagestan. In Ingushetia, Chechnya and Dagestan, less than 700 rubles per month were allocated for entertainment.
The gap in spending between residents of European Russia, the Far North, and the Caucasus republics is due to high salaries in the "northern" regions and lower salaries in the southern regions, explained Natalia Milchakova of Freedom Finance Global. For example, in Dagestan, the average salary in 2024 amounted to 42,000 rubles - 1.5 times lower than in the Russian Federation as a whole.
The high cost of services in the capital and in the north also increases this gap, added Yaroslav Kabakov from Finam.
- In addition, in the southern regions, cultural peculiarities predetermine the nature of leisure activities, where family and religious events often prevail over commercial ones," he added.
On the whole, the increase in spending on entertainment stimulates economic growth in the country, promotes employment and tourist attractiveness of certain regions, believes Andrei Barkhota. In addition, such spending supports domestic business, which creates added value directly in Russia, and helps the budgets of the subjects, added Sergei Zainullin from PFUR.
However, at the same time, increasing leisure spending is accelerating price growth, especially in the entertainment and services sector - this is called fanflation, said Alexei Tarapovsky of Anderida Financial Group. Although the Central Bank has been trying hard to instill a savings model in people with high interest rates for the second year, such measures have little effect on the zoomers. As a result, the Bank of Russia has little influence on the demand of the new generation, as well as those blue-collar workers who are not used to saving large amounts of money, even if they can afford it after a salary increase.
According to Andrei Barkhota's assessment, the trend will continue and the population's spending on vacations this year may rise by another 30% against the background of stable demand and general inflation.
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