Slump in Electronic Sales in Russia
- New Europe Investor
- September 14, 2015
Russia has seen a massive 26% drop in the sale of electronic goods in the first six months of 2015 compared to the same period last year.
Despite reports of a spike in certain consumer goods at the beginning of the Russian currency and economic crisis, it appears the higher costs of imported goods are finally being reflected in the drop in sales.
Whilst electronic sales in Russia in terms of volume has decreased by 26%, the decrease in sales in monetary terms has been a more modest 15%.
Market research company, GfK found that electronic goods in Russia have increased by 38% in rubles over the past 12 months. This is because most of them are imported and are subject to the huge drop in the currency’s value.
The sales drop was fairly evenly spread through the camera, laptop, tablet and television market as Russian consumers delay spending with the higher prices.
The ruble gained value during the Spring, reflecting the brief rise in oil prices, but the subsequent slump in the commodity has brought the currency back down again.
On Monday, one euro bought 76.50 rubles.