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Buying home appliances on credit

In one of our previous issues (see our release from August 14, 2015) we were exploring how shares of households’ spending on food products had used to change. Our new research is focusing on changes in demands for home electronics and furniture items. Bashkirova and partners independent research agency has completed the all-Russia representative survey, where we were wondering how much things have changed with our respondents over the past year in terms of feasibility of buying dear consumer products.



Two thirds of Russians (64%) note their purchasing power for expensive consumer products has worsened.  It has decreased significantly by 32% of respondents. A quarter of Russians communicate their ability to buy the mentioned kind of products did not change, and just a pitiable minority (very approximated to the sample error value) say their purchasing power has grown. 

The data we have acquired in time of the study correlate perfectly with the statistics for the electronics and home appliances market. According to the data generated by Gfk Company over the 1st quarter of 2015, the said products sales have gone down by 16,4% in money terms, and by 46,9% in volume terms. The leaders in this plummeting are CTVs (55,5% in volume and 31,6% in money expression), still cameras (54,3% and 30%,) and desk top computers (50,6% and 24,3% accordingly).

The strongest impact on purchasing ability was found in residents of towns with the population size of 100 000-500 000 people (by 8% up vs. mean value), residents of the Southern, Ural and Far East federal districts (between 8% and 14%),


Apart from the Ruble devaluation, reduction in consumer crediting steps out to be the second important driver for the drop in demand for electronics and home appliances.  As per data provided by the National Bureau of Credit Histories, the volume of consumer loans, given by Russian banks in the 1st quarter of 2015, has dropped by 7,9% . 

Bashkirova and partners has wondered by interviewees whether they are willing to be issued consumer credits in time of such a volatile economy situation. 

About a quarter of respondents are willing to take bank credit despite the high credit interest rates and the national market volatility.  37% prefer to save up to buy a dear item independently, without fear of losing over the national currency devaluation. Another third of our co-citizens would rather give up buying some expensive thing at all. 

Small percentage of people, who are not afraid of taking a bank credit, includes the young under 30 of age (by 7%), respondents with income between 50 000 and 75 000 rubles (by 5%). These people are not afraid of not being able to manage debt settlement. At the same time they are not that well off to afford purchasing a dear product at a time. It’s rather curious, but popularity of consumer credits is by 8% higher vs. mean value in the category of the unemployed.  Some part of these is not willing to give up the purchasing, however being unable to buy it in some other manner than through taking a credit. This is, on the one hand, an indicator of poor ABC of finance, and on the other hand – optimism in outlook in terms of people’s employment. The smallest percentage of people willing to take credit is revealed in the retired (by 16% down vs. mean).

We have more people willing to give up an expensive purchase once again in the retired and low income people (these are largely overlapping sets), and the least number of such is found in students (which is no wonder, as in most of the cases, dear buys are made on their parents’ money).


This study was conducted in August 2015 on all-Russia random route sample (18+) by means of face-to-face interviews in place of residence. Altogether 1500 respondents in 8 federal districts, 150 settlements, 200 sample points have been surveyed. The sample error makes ± 2,5% by C.I. of 95%.  


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