The Luxury Portable Consumer Electronics market in Russia has prolonged to experience a downfall in trends in the year 2016 since the earlier highly popular brands and related products with an exceptionally well status in the society, like Vertu mobile phones, lost majority of their share to better technologically advanced counterparts, namely Apple or Samsung. These high-end smart phones, smart watches, and the most affluent Russians instead of going for luxury portable electronics of the country were lured by the other emerging brands.
The market mainly caters to Luxury Mobile Phones, Luxury Mp3 Players, and Luxury Wearables, recession had been persisting in the economy in 2016, and simultaneously the purchasing power of middle-class consumers saw a decline. Although the local currency commenced to display signs of stabilization, yet the inactive economic environment affected the demand for luxury goods. As a result, a major proportion of the consumers of luxury goods switched to lower-priced alternatives.
Few goods have been reviewed as small appeasements wherein small leather goods, lesser-priced super premium beauty, and personal care products relished comparably better performances, and assisted the middle-class Russians recall their previous consumption habits. Anyhow, the most prosperous Russians did not shift their consumption habits and continued to go for their favorite luxury brands.
According to the report “Luxury Portable Consumer Electronics in Russia“, luxury goods have endured to be greatly scattered wherein the smaller international brands have to struggle for a decent market share along with the best-known global brands. The market has been and remains to be dominated by imported products, with some exceptions, like that of luxury spirits.
Sales in the market have stayed to exist mainly through bricks-and-mortar channels since the online sales fell in 2016. However, the trust and confidence of Russians in online purchases is slowly ameliorating, and the share of online sales is thereby expected to visibly augment by 2021.
Luxury goods are forecasted to portray higher value growth in the future but the sales are predicted to reach their pre-crisis value. The consumer base, being stable for the time being, of the most wealthy buyers of luxury goods is as well expected to be negatively impacted if the economic bedlam returns and even some of these purchasers are foreseen to leave the country provided the business and social environment exacerbates.
Key Topics Covered in the Report:
Russia Luxury Portable Consumer Electronics Market Research Report
Russia Luxury Portable Consumer Electronics Market Size
Russia Luxury Portable Consumer Electronics Market
Russia Luxury Portable Consumer Electronics Trade Market
Russia Luxury Portable Consumer Electronics Retail Market
Russia Luxury Portable Consumer Electronics Production Output
Russia Luxury Portable Consumer Electronics Import Volume
Russia Luxury Portable Consumer Electronics Export Volume
Russia Luxury Portable Consumer Electronics Market Future Outlook
Russia Luxury Portable Consumer Electronics Market Competition
Russia Consumer Electronics Market Research
Russia Consumer Electronics Industry Future Outlook
Russia Smart Phone Market Revenue
Russia Portable Laptops Market Research
Russia Portable Bluetooth Speaker Market
Russia Digital Camera Market Research
To know more about the research report:
Ankur Gupta, Head Marketing & Communications