By the beginning of 2024, the cost of bathroom renovation in Russia will increase by 25%. This forecast was given to socialbites.ca by the press service of the VitrA company.
“The average cost of renovating a bathroom in an apartment in Russia in 2023 increased by more than 25% compared to the previous year, reaching 101 thousand rubles. The main factors affecting the growth of the indicator were exchange rates, increases in prices of imported materials (especially varnishes, paints and floor coverings) and equipment, as well as regional characteristics. Moscow and St. In large cities such as St. Petersburg, prices in 2023 were 12% higher than in regions. At the beginning of 2024, the trend will continue,” explained Ilya Grachev, VitrA’s marketing director in Russia.
The company stated that despite the increase in prices, the demand for bathroom renovation products increased one and a half times in 2023. VitrA press service explained that this is partly due to the fact that since the beginning of 2020 many companies have switched to a fully or partially remote working format.
According to the company’s forecasts, interest in interior renovation will not decrease in 2024, which requires keeping the demand for plumbing fixtures, furniture and related products at the same level: during the cold period, Russians spend more time at home and are more often engaged in home renovation.
Before that socialbites.ca reportedThe cost of European and Chinese plumbing in Russia is predicted to increase by 10-15% by February 2024. Price increases are expected to occur only after the stocks of materials purchased by companies at the previous rate are exhausted. According to Igor Georgi, President of the Association of Plumbing Manufacturers and Suppliers, plumbing produced in EU countries accounts for about 5% of the Russian market.
Previously at the Central Bank expressed Concerns about Russians’ inflation expectations.