Recent economic indicators have revealed that the Russian car market is on track for a 24% decline in 2024, according to the latest analysis by industry experts. This forecast is based on current consumer demand trends and the broader economic decline affecting the country. The contraction is attributed to both a faltering economy and a marked reduction in consumer spending power.
Experts warn that the automotive sector’s downturn could have wide-reaching implications for the economy as a whole, including potential job losses and reduced investment in related industries. The decline also signals a broader economic shift, as consumers are increasingly cutting back on discretionary purchases, with cars being among the most significant items affected.