Russians are increasingly buying electronics with borrowed money, retailers and operators interviewed by Izvestia told Izvestia.
“The demand for loans is only growing. So, if in October 2022 the share of this turnover in our retail network was 21.4%, then in October of this year it already reached 34.5%,” said an MTS representative.
That is, a third of the operator’s retail sales of goods (in monetary terms) are carried out on credit.
In October of this year, compared to the same period in 2022, Megafon’s retail lending volume increased by almost 70%, says its representative.
The volume of such sales of M.Video – Eldorado in the third quarter of 2023 increased by 80%, said a representative of the combined retailer. At the same time, despite the increase in the key rate, a high level of loan approval remained (for an offline loan this is approximately 80%, for an online loan – about 60%), he said.
The head of the Content-Review project, Sergei Polovnikov, connects the increase in the volume of borrowed funds spent on the purchase of electronics with a sharp increase in the dollar exchange rate in late summer and early autumn of this year. At that time, making expensive purchases on credit seemed logical, since with such currency dynamics, even taking into account interest, it could turn out to be cheaper than paying for goods that had become more expensive with your own money, the expert believes.
“Hence all the lending frenzy in recent months, but next year the demand for loans may decline. With the key rate rising and the dollar exchange rate and, consequently, prices for electronics falling, there is no point in repaying the loan at increased interest rates,” he believes.
Read more in the exclusive material from Izvestia:
Rock of plenty: Russians are spending more and more borrowed money on gadgets
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