Russian consumer appliances continued to make gains after a major collapse in 2015 and a sluggish performance in 2017. Retail volume growth was a logical consequence of a fairly stable economic environment in 2017 and the second part of 2018, following the volatility of the local currency.
Although the economic situation in Russia was perceived as unstable, becoming somewhat more settled in 2017 and 2018 compared to 2015-2016, local consumers remained rather cautious about significant expenditure. At the same time, the demand for quality and convenience, which grew strongly during the pre-crisis period, continued to be seen.
Leading players in Russian consumer appliances, such as LG, Indesit and BSH, remained strong in major consumer appliances. They have huge technological, financial and marketing potential, supported by their parent companies and strong local production facilities.
Distribution of consumer appliances continued moving towards consolidation in 2018. The major electronics and appliance specialist retailers, M Video and Eldorado, are owned by the same Safmar Group.
Consumer appliances in Russia is set to demonstrate a fairly stable performance over the forecast period. The local currency has become less volatile and oil prices increased in 2018, thus stabilising the consumer base.
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This industry report originates from Passport, our Consumer Appliances market research database.