Between January and September 2023, Russians shifted more of their household purchases toward electronics and appliances from Chinese brands, reaching a 43% share. This marks a rise of 48% compared with the same period in the previous year, reflecting a notable acceleration in consumer preferences. The finding comes from a study conducted by Russian Standard Bank and is referenced in a report available through socialbites.ca.
Chinese products have emerged as the most favored option for Russian shoppers. Domestic, or Russian-brand, goods hold the second position with about 29% of purchases, while European brands occupy the third slot with roughly 28%. This distribution highlights a clear tilt toward lower-cost, widely accessible brands from Asia, as households aim to balance price with performance in essential electronics and home appliances.
Looking back a year, European goods led the market with a 38% share, followed by Chinese products at 32%. Russian-brand home appliances and electronics ranked third, capturing around 30% of purchases. The shift over the 12-month period underscores evolving consumer confidence and the impact of currency dynamics, import availability, and promotional activity on purchase choices across major brand segments.
The research compiled by the bank analyzed every purchase recorded in mobile banking slips for the most popular brands in electronics and appliances, covering a broad spectrum from handheld gadgets to large household machines. Data were collected and evaluated across three quarters of 2023 and 2022, offering a comparative view of how spending patterns evolved during this time frame and how brand preference shifted in response to market conditions, financing options, and promotional campaigns.
According to Rabota.ru, Russians frequently use loans to finance big-ticket items like household appliances and vehicles. In their survey, 26% of respondents indicated they had taken out a loan for such purchases. In contrast, 25% reported using credit to acquire an apartment, and 19% to fund home renovations. The lending landscape thus appears to play a crucial role in facilitating consumer purchases, particularly for durable goods that contribute to daily living and long-term asset value.
Earlier reports on socialbites.ca noted that this year, a portion of households — about 32% — accessed microloans to cover everyday expenses. This category often encompasses purchases of electronics and appliances, illustrating how short-term financing mechanisms supplement household budgets and influence decision-making for mid-range and essential devices.