Luxury portable consumer electronics was already a weak category in Russia, having seen declines in sales over the review period (for luxury mobile phones), with luxury wearables showing small growth due to it being a relatively new category in the country. Luxury smartphones do not differ much from regular smartphones in the user experience, rather, they are simply provided with specific packages of data and apps et al, at a higher price; along with the perceived status factor of having a luxury phone with regards to the design.
The consumer audience for luxury portable consumer electronics is also affected by the declining salaries in the middle class of Russian consumers, who are the key audience for the category. The real disposable incomes of Russian consumers have been in decline since 2015 and the event of COVID-19 has placed further downwards pressure on this depressed economic situation.
Citizen Watch Co Ltd maintained its strong lead in luxury portable consumer electronics in 2019, beyond which the largest shares are held by smaller players in “others”. Citizen Watch Co owes its success to its Frederique Constant brand, with its closest competitor being Apple Watch Hermès (Apple Inc), albeit with much smaller shares.
Russia, along with other European countries, is expected to continue feeling the economic impacts from COVID-19 for some time. Therefore, the negative drivers as seen are likely to continue influencing sales in luxury consumer portable electronics until the economy starts to recover.
Luxury consumer portable electronics is likely to also step into the fashion-resale category, which has great growth prospects over time. The drivers include the conscious consumption trend formed several years ago.
Wealthy Russians are expected to remain loyal to the brands they know and trust, and not be willing to switch to models of smartphones under less-known brands in Russia, such as Oppo. Rather, they are likely to purchase the latest series iPhone right after the start of sales, as such a device is considered being the “coolest” in the smartphone category.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics industry in Russia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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