"The report basically shows that the middle class has become the main focus of retail and that the whole Novy Russki thing is now officially dead," said Ben Aris, editor of bne.eu, a business e-magazine that covers the markets of Russia and other former Soviet countries and assisted Landor in preparing the survey.
According to the survey, consumers are no longer enthralled by luxury. Only 17.5 percent of respondents preferred premium or luxury goods. Value for money was the key purchasing driver for 70 percent of those who participated in the survey.
But despite shifting attitudes, no one expects the luxury market to crash. As the country grows richer, industry specialists are confident about the potential of further growth and the adoption of new brands, according to another recent study by consumer market research firm Euromonitor International.
