In 2023, the Russian TV market showed high growth rates, but in 2024 sales volumes will already decrease by 10-15%. Anton Zuevich, senior manager of Reksoft Consulting’s Growth and Sales Strategy practice, told socialbites.ca.
According to him, the main driver of market growth in 2023 was Chinese brands that met demand with optional and relatively inexpensive models. Changing economic conditions also had an impact: the gradual weakening of the ruble and the rise in prices in 2023 became additional incentives to transfer cash savings into physical assets.
According to Zuevich, the demand for televisions will decrease significantly in 2024.
“We expect a 10-15 percent decrease in sales by the end of 2024. “Considering that many Russians expect pent-up demand in 2023 and the lifespan of television is 5 to 7 years, the decline in demand is likely to be long-lasting, which will affect the gradual decline in television prices,” he said.
The expert also noted that the cost of models in the middle price category may decrease during the year. According to Zuevich’s estimates, the price tag will drop by 5-10%.
Previously the global smartphone market to start We are growing despite global inflation.