Analysis of the Current Situation and Development Prospects of the Russian Household Goods Market

Recently, our factory welcomed a visit from a large Russian retailer. This visit is not only a field inspection of our products, but also an important opportunity for both sides to deepen cooperation and jointly explore the Russian home furnishing market. Through this exchange, we have the opportunity to better understand the needs and trends of the Russian market, especially in the segment of iron household storage products.

In recent years, the Russian home furnishings and consumer goods industry has demonstrated strong growth momentum and huge market potential after a series of challenges and changes. According to MosHome Russia, the Russian home furnishing market sales reached 3.3 trillion rubles in 2023, an increase of nearly 6% year-on-year. This growth is mainly due to the booming construction industry, especially the rapid growth in the construction of individual homes. 110.44 million square meters of housing were built in Russia in 2023, a record high, directly contributing to the surge in demand for home furnishing products.

In the field of home building materials, the Russian market shows diversified needs. In addition to the traditional areas of home decoration, daily dining and cooking, outdoor gardening, etc., the consumer electronics and home appliances area is also attracting attention to meet the growing diversified needs of consumers. Meanwhile, the Russian online furniture market has experienced significant growth. According to Avito's research, the frequency of furniture purchases by Russians increased by 9% in 2023, while the average price of furniture items decreased by 7.5%. This trend reflects the changing shopping habits of Russian consumers and the important role of e-commerce platforms in the sale of home products.

Iron home storage products, as an important part of home furnishings, are also showing good development in the Russian market. As consumers' demand for a clean, beautiful and practical home environment continues to improve, iron home storage products are gradually favored by consumers because of their strong and durable, easy to clean and diverse features.

1. Market demand

Russian consumers' demand for iron home storage products such as home Storage Baskets Organizer, kitchen Storage Baskets items,bathroom Shelf Caddy items, etc mainly comes from the following aspects: first, home renovation and renewal, with the increase in housing delivery and consumer demand for home environment improvement, iron home storage products become an important choice in the process of renovation and renewal; second, the increase in demand for home storage, with the increase in household goods, consumers' demand for storage space is also growing, iron Iron home storage products have become the first choice of consumers because of their good storage performance and beautiful appearance; Thirdly, the renovation and updating of commercial places, such as hotels, restaurants, offices, etc., also need a large number of iron home storage products to meet the demand for storage and decoration.

2.Market competition

In the Russian market, the competition of iron home storage products mainly comes from domestic and foreign brands. Domestic brands have occupied a certain share in the market by virtue of their price advantages and localized services, while foreign brands have won consumers' trust and love by virtue of their advanced technology and design concepts, as well as good brand image and after-sales services. In order to compete for market share, domestic and foreign brands have increased investment to improve product quality and service level to meet consumer demand.

Looking ahead, the Russian home furnishings market will continue to maintain strong growth momentum. With the continued development of the construction industry and increasing consumer demand for home environment improvement, the iron home storage products market will usher in more development opportunities.

1. Consumption upgrade

With the improvement of consumers' income level and the change of consumption concepts, more and more consumers start to pay attention to the quality and design of household products. Therefore, iron household storage products need to continuously improve product quality and design to meet the demand of consumers' consumption upgrade.

2. E-commerce development

With the continuous development and improvement of e-commerce platforms, more and more consumers have begun to buy household products through e-commerce platforms. Therefore, iron home storage products need to actively embrace the e-commerce channel, improve online sales capacity and service level to win more consumers.

3. Environmental trends

With the continuous improvement of environmental awareness, more and more consumers are concerned about the environmental performance of household products. Therefore, iron home storage products need to focus on the use of environmentally friendly materials and the development of environmentally friendly technology to meet the environmental needs of consumers.

The Russian home furnishing market has a broad development prospect and huge market potential. As an important part of home furnishings, iron home storage products need to continuously improve product quality and design, actively embrace e-commerce channels and focus on research and development of environmental performance to win more consumers and market share.