The plunge in the ruble has also created some bargains of sorts for the discerning shopper, as prices don’t always keep up with the currency’s declines. Fashion retailers say they’re keeping prices down to retain consumers.
“When people can either buy dollars at rates as high as 80 rubles each or buy luxury goods at a lower exchange rate, they often view this as a better bargain,” said Kholyaznikov of KupiVIP.
Some brands report that Chinese tourists, whose numbers have surged in Moscow in the last two years, have also helped boost luxury sales in Russia, where the exchange rate makes prices lower than at home.
Gafurov, the lawyer, said his new fleet of cars cost far less than what he would have had to pay in Europe. Though he said he’s on the waiting list for the new Bentley SUV, he admitted the shopping boom among the rich could be running out of time.
“It’s possible this is a sort of ‘death throes’ for these consumers, an attempt to prove to themselves and perhaps their partners that they’re still doing great,” he said.