Demand for non-food durable goods has increased sharply in Russia

In April-June, demand for durable non-food products increased rapidly in Russia. The newspaper Izvestia reports a sharp increase in citizens’ interest in this category of goods, citing data from the Center for Economic Forecasting of Gazprombank.

Especially in the second quarter, demand for Chinese goods jumped, experts say. This includes cars, household appliances and electronics. Interest in large purchases, analysts explained, has grown rapidly against the backdrop of high inflation expectations. People are rushing to quickly acquire the necessary goods before they become even more expensive.

An additional incentive, added Olga Belenkaya, head of the macroeconomic analysis department of Finam Financial Group, was the weakening of the ruble. The situation was also affected by the global rise in price of microelectronics (chips, microcircuits) and the upcoming introduction of a technological fee. Together, these factors led to increased demand for equipment and cars, she stated.