Polishes was the most negatively impacted category within home care in 2020 in value terms. The category has no anti-pandemic products in its portfolio and so its decline in 2020 can be said to be due to economic difficulties.
Sales of polishes in Russia have been declining not only due to economic uncertainty in the country, but also due to consumers’ shift towards footwear, furniture and home design which do not require polishing. For example, there have been major changes in footwear fashion, with shoes that need less or no maintenance continuing to grow in popularity, especially among younger generations.
The economic difficulties in 2020, compounded by the outbreak of COVID-19, deepened the crisis in sales of polishes. All other types of polishes besides shoe polish also declined in the year as consumers continued to experience restrained purchasing power and prioritised their spending to essential items only.
Polishes is set to continue on its path of decline in demand over the forecast period. In 2021, volume sales will continue to fall in all types of polishes, with current value sales buoyed by rising unit prices.
It may be said that the ongoing decline in sales of all types of polishes in Russia will be mainly due to global changes in consumer lifestyle. While the COVID-19 pandemic and the economy also stand behind the decline trend, impacting household budgets and the frequency of polishing shoes or furniture, the longer-term impact is from consumers’ choosing, for example, furniture and flooring that can be cleaned with cheaper surface care products, or following rapidly changing trends in fashion footwear so that shoe polish is needed much less, if at all.
While not a promising growth market, shoe polish might still have some hope in the forecast period in the case of changes in fashion. Based on present trends, however, this scenario is not very realistic.
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Understand the latest market trends and future growth opportunities for the Polishes 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 Polishes research and analysis database.
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