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How Russians find emotions in décor?

Despite the stagnation of the Russian economy since 2014, Russians have the desire to have a beautiful and comfortable home. The use of decorators and designers services is due to the growth of the population’s cash income in certain segments of the market; increased demand for housing; expansion of the market of finishing materials and interior items; the increase in demand for the creation of comfortable conditions in homes and offices, and other reasons.

Despite the popularity of some styles in living space decoration, an important role is played by what emotions the person wants to receive from the interior. Usually, for home interior, it is important to create feelings of happiness, comfort, safety, romance, and pride by design. By making some changes to the whole design, layout, colours, and fabrics it’s possible to make a positive difference quickly.

One of the criteria for making decisions about repairs among Russians is the desire to create a new atmosphere by updating living space, the possibility to get new emotions.

According to Nataliya Barysheva, Verveway Partner, while maintaining current economic efforts, the demand for home repair services will only grow at least 5-7% per year. And one of the drivers will be an increase in construction not only in Moscow and St. Petersburg, but also an increase in building residential properties in major cities of Russia. This will be carried out thanks to the renovation program, as well as the state program of building 120 million square meters of residential properties per year.

News
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

Net capital outflow from Russia by the private sector by the end of 2020 increased 2.2 times compared to the same period last year and amounted to $47.8 billion.

The decline in foreign direct investment (FDI) in the Russian Federation in January-September 2020 amounted to about 80%, according to the report of the World Bank (WB).
Net capital outflow from Russia since the beginning of the year has approached $48 billion.
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