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The impact of the COVID-19 pandemic on the financial and consumption behavior of the Russian people

Vol. 26, Iss. 10, OCTOBER 2020

Received: 10 September 2020

Received in revised form: 24 September 2020

Accepted: 8 October 2020

Available online: 29 October 2020

Subject Heading: FINANCIAL CAPITAL

JEL Classification: G02, H31

Pages: 2252–2267

https://doi.org/10.24891/fc.26.10.2252

Razumovskaya E.A. Ural Federal University (UrFU), Yekaterinburg, Russian Federation
rasumovskaya.pochta@gmail.com

https://orcid.org/0000-0003-1496-2553

Razumovskii D.Yu. Ural Federal University (UrFU), Yekaterinburg, Russian Federation
jobs.mail35@gmail.com

https://orcid.org/0000-0001-7387-6677

Subject. We herein examine changes in the financial and consumption behavior of people overcoming the crisis situation due to the COVID-19 pandemic. Hence, we analyzed a corpus of official statistics and the outcome of sociological surveys and prepared a questionnaire to carry out central studies on the Sverdlovsk Oblast and verified our working hypotheses.
Objectives. The study outlines trends in the financial and consumption behavior of people overcoming crisis situations caused by the COVID-19 pandemic.
Methods. The inductive analysis is a key applied method of research with respect to the outcome of the sociological surveys of the Federal State Statistics Service and NAFI analytical centre, which were methodologically adapted from techniques of the Central Bank and the OECD countries.
Results. We verified the hypothesis that the consumption and financial behavior of people influences the socio-economic development. The article also demonstrates that the governmental control over the economy has an impact on the consumer demand.
Conclusions and Relevance. We verified our hypotheses on changes in the financial and consumption behavior of people during the economic turmoil and justify our conclusion that there is a correlation between the consumption and financial behavior of people and the socio-economic development of the nation.

Keywords: COVID-19, financial behavior, consumption behavior, income group, socio-economic development

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