Public opinion about the economyThe resilience of the Russian economy, in the face of Western sanctions, has played an important role in pushing the “special operation” rather quickly to the periphery of public attention, as after the anxiety of the first months of the conflict, Russians saw it was possible to continue living a more or less normal life.
During the first two years of the conflict, up to spring 2024, mass assessments of the economic situation steadily improved, to the point that a year ago, by most indicators, the economy was perceived as better than early 2008, the height of the era of “stability.” The crisis that followed reduced confidence in the economy for a long time, and it took more than 15 years for it to build back up.
However, shortly after the 2024 presidential election, the perception of the economic situation began to deteriorate. This decline continued for more than six months, until end-2024. A longer and deeper deterioration in economic assessments could eventually affect Russians’ position on the Russia-Ukraine conflict: when the average person sees his economic well-being improving, he is not overly concerned with the government’s policies, and it is much more difficult to sell the population on “guns over butter.”
But so far in 2025, economic assessments have
bounced back. By end-May, more Russians were upbeat on their family’s financial situation than downbeat on it. As for their family’s economic situation in a year and the outlook for the economy as a whole, Russians were overwhelmingly optimistic, with optimistic responses outnumbering pessimistic responses four to one.
By most indicators, Russians are again as satisfied with the economy as before the 2008 crisis and, considering their expectations, are even more satisfied.
Similarly, respondents’ aggregate assessments of their own economic situation, based on average data for the first five months of 2025, continue to improve.
The share of indigent people in our survey (those who said they barely have enough money for food or clothes) has decreased to 15%, while the share of well-off people (those who said they can easily afford durable goods or really expensive things) has increased to 41%.