Gifts usher in Russian new year

A parade marks the arrival of Grandfather Frost and his granddaughter in Moscow for New Year's celebrations

By CNN Moscow Bureau Chief Jill Dougherty

MOSCOW, Russia (CNN) -- New Year's is the biggest gift-giving day in Russia.

And the biggest toy store in Russia is Detsky Mir -- Children's World -- a national tradition since 1957 in the centre of Moscow.

In good economic times and bad, Russians flock to the store to buy a little bit of holiday magic for the children.

This year, the average salary for Russians grew 12 percent. And although it still ranges from just the equivalent of about $50 to $100 a month, there is no lack of demand at Children's World.

VIDEO Giving and receiving in Russia: CNN's Jill Dougherty reports (January 1) Play video (QuickTime, Real or Windows Media)

Children may be ready to buy out the whole store, but their parents usually hone in on one major purchase they have been saving for.

A hot seller this year: imported stuffed animals such as red bears, which average $40 a piece.

"We just got them in stock and we sold out almost immediately," says Valentina Sergeevna of Detsky Mir. "There are just two left."

But Russian manufacturers are catching up. The price of domestically made stuffed animals is only a little more than $10.

Some of the children came to see Ded Moroz -- Grandfather Frost -- and to check out the dolls.

This year they had their pick, including Barbie dolls at 560 rubles -- the equivalent of about $19.

There is even a Ken doll to go with it.