MILAN — Political uncertainty and economic fragility have been weighing on Russian consumer spending locally and abroad since the beginning of the year, but improvements are expected starting in 2017, according to Fondazione Altagamma.
“The structural fragilities of the Russian economy, rather than the political crisis, which is destined to pass, will condition luxury consumer spending for many years to come,” said Armando Branchini, vice chairman of the Italian luxury goods association, during the summit “The uncertainties of the Russian luxury market” held by Altagamma here on Tuesday. Branchini said he expected 2017 to show signs of a pickup, as custom duties on most of the luxury products will be reduced that year. “The current base of shoppers of luxury goods is not expected to reduce its spending power, but will the pool of Russian consumers expand or not?” queried Branchini.
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