The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
After facing a terrific financial crisis in 2014, the majority Russian industries are still struggling to stabilize and to score a gradual growth in sales year on year. The home appliance industry is no exception to this, yet the fact that the majority of these appliances are a part of human life with all the benefits they bring in life by easing the daily activity. The home appliance industry can broadly be categorized into major and small home appliances. The major home appliances like refrigerators, washing machines have already their presence in the majority of the households owing to their functionalities. Though they have a high presence rate in the region, the demand for these appliances can still be seen as most of the sales of these appliances are replacement sales. Though Russia is a part of the Asian continent, the buying habits and consumer preferences highly get matched with that of the European Union. Russian Citizens are showing greater interest to the products which are technologically sound. They are ready to replace their major appliances once they reach 6-10 years of age. The majority of the market is driven by innovation, connectivity, automatic and scheduling features that the products own. Thus, owing to these factors, the market is scoring such number after the 2014 financial crisis, and with a moderate number of sales, these appliances have managed to grab a major share of revenue thus contributing to the overall revenue of the industry. The emerging demand for smart appliances is the major factor that is driving the market for home appliances in Russia. Though online purchases were little less in the past, they are forecasted to grab an effective share in the forecast period by considering the shift they recorded in the study period.
Key Market Trends
Online Sales are Grabbing a Major Share of the Market
Though morethan 80% of Russian consumers still prefers to buy major appliances from brick and motor stores, the number of people who consider internet sales was doubled in 2018, when compared to that of in 2014. The different practices of online retailers can be considered as the major reason for this shift and is forecasted to increase gradually over the coming 5 years span. Brand loyalty is comparatively high when it comes to the major appliances and consumers are willing to experiment with brand and its features in small appliances category as long as the prices does not highly vary. The increasing sales of coffee makers, toasters. Consumers are preferring products which have priority functionality, and which brings convenience into their life.
Dominant Major Appliances Sales Are Increasing the Total Revenue Generation of the Market
The major appliances are generating a greater market share in the region. Customer choices are making a transition. They are shifting to an innovative and energy-efficient product for their daily utilization. Several manufacturers are focusing more on automating people’s daily activities by taking a load off their shoulders. They also improving accuracy and are bringing innovation by producing multi-utility products than single utility products. The majority of consumers are preferring major appliances that bring convenience to their life.
The report covers major international players operating in Russian home appliances market. The market is already fragmented with growing number of smaller players who are offering moderate quality products in affordable range of prices. However, the growing small appliances segment still holds a scope for new commers to enter.
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