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RUSSIAN-AMERICAN MARKET NEWS
Holiday Spending of Russian-Americans
January 5, 2005 Ц Although some ethnic retailers, including travel agencies, mobile phone stores and electronic stores reported excellent sales results for the 2004-2005 holiday season, general Russian-American market shows less enthusiasm when it comes to spending. Press Release Group poll shows, that majority of Russian-speakers spent less on gifts during this holiday season. When asked УDid you spend more or less on gifts this year in comparison to last year?Ф Ц 67% of the respondents indicated that they spent less. These results might indicate that one of the largest ethnic markets in the US does not have high confidence level in the US economy.
Russian-speakers, who are known to have highest marginal propensity to spend in the country, and whose spending accounts for approximately 10% of the overall retail spending in New York City, are more likely to spend a little less this year. However the attitude towards economy and amount spent on gifts varies notably by income level, with significant percentage of consumers increasing spending and often buying upper-level products, like luxury cars, designer clothing and brand-name jewelry.
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