Between January and September 2023, Russians significantly increased taking out loans for smartphones, laptops, other electronics and household appliances, doubling the rate compared with the same period a year earlier. Kommersant reported this trend, citing data from analysts at major Russian banks. The surge highlighted a broad shift in consumer behavior as people sought to acquire popular tech and home devices using credit amid changing savings dynamics.
Demand grew notably for loans tied to televisions, smartphones, laptops, and washing machines. These categories accounted for a sizable portion of new credit activity, reflecting a mix of upgrading needs, aspirational purchases, and the convenience of installment plans that make large electronics purchases more accessible.
In 2023, many Russians bought items they had previously postponed or deemed unaffordable. In the medium term, experts anticipate a moderation of credit-driven purchases as households recalibrate their spending. The consensus is that consumers are gradually adopting a more prudent consumption model, balancing desire for new devices with tighter budgets and a longer view of financial health.
In late 2023, the Central Bank of the Russian Federation tightened lending rules for borrowers with high debt burdens. The measures, aimed at banks and microfinance institutions, were designed to curb excessive leverage during January through March 2024, ensuring higher resilience in the credit system and reducing the risk of overindebted consumers who could struggle to service loans in tougher times.
Earlier discussions in the State Duma explored proposals to prohibit loans to foreign agencies, signaling ongoing debates about credit access and national policy. These conversations reflect a broader context in which financial regulation and consumer protection remain focal points as the economy adapts to evolving fiscal environments and international economic pressures.