“Over the last two decades under a market economy, the country has had three financial crises,” said Vladimir Kholyaznikov, chief executive officer of KupiVIP Group, an online retailer that sells high-fashion goods. “This has taught Russians that when you have money, the safest thing to do with it is to spend.”

He said orders at his company were up 55 percent last year. Ordinary Russians joined the buying binge when the ruble began its latest declines in late 2014, but appear to have spent most of their savings before the drops resumed in the last few months.

“It’s what the Russians would typically do,” said Zuzanna Pusz, an analyst at Berenberg Bank in London. “Historically, there’s so much volatility in their currency but also in an individual’s wealth -- you have money one day and can lose it the next. So they try to store it, so often they invest in watches or other items that store value.”

The recession and the halving of the ruble’s value during the last two years also have thinned the ranks of high-end shoppers in Russia, according to Fashion Consulting Group. That has left mainly the wealthiest, for whom looking good remains a top priority.


Big Spenders


“It’s hard for luxury-segment buyers to give up their lifestyle,” said Maria Vakatova, partner at Watcom Group, a Moscow retail consultant. “Even in hard times, there are people who are ready to spend up to half a million rubles on a trip to the store.”

Fashion retailers said expensive bags and shoes with clearly visible brands have been particularly good sellers amid the crisis. Lower-end names have taken the hardest hit, said Denis Bogatyrev, CEO of BNS Group, which operates 180 fashion stores across Russia and opened four new high-end Michael Kors shops in Moscow last year.

“I love brands like Gucci, Chopard and Galliano and don’t want to switch to cheaper ones,” said Irina Valiulina, 42, who said she lives off the income from her real-estate holdings. “If I have less money, I’d rather reduce the number of items I buy.”

Among autos, Bentley’s local dealer Avilon said it expects Russia to be one of the main markets for its new sport-utility vehicle, which launches this spring.


Ruble Bargains