14 July 2026
Russians have lost all optimism about their financial situation and the economy as a whole, according to a Levada Center survey . The Consumer Sentiment Index (CSI) has been declining for a year and, in the last week of June, fell below 100 points, the threshold that separates optimism from pessimism. This is the first time this has happened since October 2022, when people were shocked by the mobilization.
Over the year, the index has lost 23 points, 9 of which fell in the last two months, when the country was hit by the fuel crisis. Not only are current situation assessments now in decline, but so are expectations. Their level has dropped to 97 points, while the assessment of the current economic situation has fallen to 89 points. Similar CPI values were previously observed in 2021, according to the Levada Center.
Similar changes have occurred in assessments of personal financial situation. A year ago, the percentages of those who saw their situation improve and worsen over the past 12 months were roughly equal (24% and 23%). Now, the gap is almost threefold: 35% said they had become poorer and 13% said they had become richer. The proportion of respondents expecting a worsening of their financial situation exceeded the proportion of optimists: 24% versus 21%. A year earlier, the ratio was the opposite: 31% to 13% in favor of the optimists.
The Levada Center notes another shift in Russians’ mood. In recent years, respondents have been optimistic about the country’s near-term economic future, rating it better than their personal prospects, but in June, the situation changed. The share of those who believe the next 12 months will be a bad time for the country’s economy more than doubled: 35% versus 16% a year earlier. The share of optimists plummeted from 49% to 29%.
Only in the long-term perspective is pessimism not yet dominant: 19% each believe the next five years will be good and bad times for the economy. A year ago, 33% were optimistic, while only 6% were pessimistic.
Regular polls conducted by the Public Opinion Foundation, commissioned by the Central Bank, also recorded a deterioration in consumer sentiment in mid-2025 and a shift toward pessimism in February, but estimates improved slightly in May and June. However, the last FOM survey was conducted in early June, before Ukrainian drones disabled the Moscow Oil Refinery, forcing fuel to be imported to the capital from other regions.
Rosstat has not yet released data on Russians’ financial situation for May and June. The latest figures show a 7.8% year-on-year increase in real wages for January-April and a 1.5% increase in real disposable income in the first quarter.
A variety of surveys indicate a sharp deterioration in Russians’ social sentiment. More than half report feeling anxious, with support for the government, Vladimir Putin’s approval ratings, and trust in him declining ( 1 , 2 ). Public demand for an end to the war is growing, but it continues. Amid the fuel crisis, half of Russians (49%) expect price increases to accelerate, even higher than after the war began, according to a FOM poll in early July.
A clear sign of a deterioration in people’s financial situation or expectations is a shift to savings mode ( 1 , 2 , 3 ). According to Sberindex , consumer spending on clothing and footwear, electronics and household appliances, and many other categories in July was lower than a year ago. Russians continue to economize—this is the main conclusion of T-Investments analysts based on data on T-Bank card payments at major retail chains in the second quarter. The number of visitors to comparable stores is declining on average, especially at premium chains and non-food retailers. Shoppers are switching to more affordable formats, with low-cost chains and discounters performing better than others. They note that discounts and promotions are needed to maintain footfall.