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Consumption of Beauty Products: Evidence from Asian Consumers in Russia

Student: Zinnatova Liana

Supervisor: Egor Krivosheya

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2020

This study attempts to empirically prove the link between culture and consumption by analyzing the sales of beauty products on the Russian market. It was found that different approaches to the self-care routine result in the situation when the number of Asian consumers in the marketplace boosts the value of sales. The paper also suggests using the ARIMAX model to forecast the total sales value when one needs to include the proxy for culture in the time series data. The paper results provide important implications for both retailers and researchers who study consumer behavior and its connection to cultural differences.

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