SOME FACTORS OF CONSUMER DEMAND DETERMINING THE ECONOMIC GROWTH OF THE RUSSIAN ECONOMY

The paper considers some factors of consumer demand that affect economic growth in the conditions of the modern sanctions economy. The allocation of consumer demand and credit as factors of economic growth is of particular importance due to the limited use of external factors of borrowing and the reorientation of resources within the country towards self-sufficiency with modern technologies. As a basic approach, an analysis of institutional factors affecting consumer demand and credit is used. As such factors, the behavioral characteristics of consumers, the relationship between credit and financial literacy, the institutionalization of the banking sector of the economy in terms of the adoption of new legal acts related to the protection of consumer rights, as well as new financial products that the economy is currently in dire need of in terms of the formation of "long money". The fall in consumer demand and credit activity in the Russian economy was caused by a number of factors, including a fall in real incomes, the withdrawal of money from the country, remigration, and growing anxiety due to the risk of loan defaults, as the turbulence of the economy intensified. The possibility of growth in consumer demand in the future has also changed due to the reduction in the saved part of income in the present. The credit activity of the population in the modern Russian economy has a number of features, the main of which are: high debt burden of the population, a growing level of overdue debt, the predominance of mortgage loans in the loan portfolio of banks and the tightening of regulatory requirements for microfinance organizations. In order to stimulate consumer activity, an institutional increase in the minimum wage is proposed, which should not only increase the income of the population, but also serve as an incentive for capital to replace live low-skilled labor with machine labor. This will lead to an increase in labor productivity, as a result - an increase in income not only in terms of remuneration for highly skilled labor, but also in terms of the growth of a product with a high share of value added.

1. Bank of Russia [Electronic resource]. Access mode: https://www.cbr.ru/ (accessed date: 06.04.2023). (In Russ.).

2. Tung A. Consumption over the lifecycle: An international comparison. Population aging and the generational economy. Cheltenham: Edward Elgar. 2011, pp. 136–160.

3. Auzan A. Economics of everything. How institutions define our lives. 4th ed. Moscow: Mann, Ivanov i Ferber, 2017, 192 p. (In Russ.).

4. IMF. The liberalization and management of capital flows: An institutional view. Washington, DC: International Monetary Fund.2012. https://www.researchgate.net/publication/262502380_The_Liberalization_and_Management_of_Capital_Flows_An_Institutional_View (accessed: 10.04.2023)

5. Nureyev R.M., Latov Yu.V. The Conomic History of Russia (experience in institutional analysis). Moscow: KNORUS, 2016, 268 p. (In Russ.).

6. Keynes J.M. The ‘Ex Ante’ Theory of the Rate of Interest. The Economic Journal. 1937, vol. 47, no. 188, pp. 663–669.

7. Alan S., Browning M., Ejrnes M. Income and consumption: A micro semistructural analysis with pervasive heterogeneity. Journal of Political Economy. 2018, vol. 126, no. 5, pp. 1827–1864. https://doi.org/10.1086/699186

8. Keynes J.M. The Process of Capital Formation. The Economic Journal. 1939, vol. 49, pp. 569–574.

9. Kochergina A.G. Consumer demand as a factor in economic growth: specialty 08.00.01 "Economic theory": avtoref. dis. cand. econ. sc. Moscow, 2005, 181 p. (In Russ.).

10. Federal State Statistics Service. [Electronic resource] URL: http: //www.gks.ru/ (accessed date: 29.04.2023). (In Russ.).

11. Volkova N.A., Katanaev N.T. Analysis of the social factor influencing consumer demand. Upravlencheskij uchet. 2022, no. 4-3, pp. 503–509. (In Russ.).

12. Gourinchas P. O., Parker J. A. (2002). Con-sumption over the life cycle. Econometrica. 2002, vol. 70, pp. 47–89. https://doi.org/ 10.1111/1468-0262.00269

13. Tsymbalyuk M.V., Kolchurina I.Y., Kovaleva E.V., Prohno Y.P., Mikhailova T.A. The Problem of Poverty. In.: The Context Of Changes Institutional Environment. European Proceedings of Social and Behavioural Sciences: European Publisher. 2021, vol. 113. https://doi.org/ 10.15405/epsbs.2021.07.60

14. Minsky H.R. The Financial Instability Hypothesis. The Jerome Levy Economics Institute Working Paper. 1992, no. 74, pp. 10.

15. Kahneman D. Think slowly... decide quickly. Moscow: AST, 2014, 625 p. (In Russ.).

16. Usov S.S. Behavioral aspects of credit relations in the field of demand lending. In: Science and youth: problems, searches, solutions: proceedings of the All-Russian Scientific Conference of Students, Graduate Students and Young Scientists, Novokuznetsk, May 17-18, 2022. Novo-kuznetsk: Siberian State Industrial University, 2022, vol. 26, no. 4, pp. 176–179. (In Russ.).

17. Kovaleva E.V., Tsymbalyuk M.V. Financial literacy in the context of institutional economics. In: Actual problems of economics and management in the 21st century: Collection of scientific articles of the VII International Scientific and Practical Conference, Novokuznetsk, April 06-07, 2021. Part 2. Novokuznetsk: Siberian State Industrial University, 2021, pp. 263–267. (In Russ.).

18. Mays E. Handbook of Credit Scoring. AMACOM, 2001, 370 p.

19. Atroshko M.A. Especialities of the practice of consumer credit in Russia during the period of economic instability. Economy and Business: Theory and Practice. 2022, no. 4-1(86), pp. 18–28.

20. Article "Russians owe credit cards more than 1.5 trillion rubles" [Electronic resource]. Ac-cess mode - https://www.vedomosti.ru/finance/ news/2022/08/20/936842-kreditnim-kartam (In Russ.).