MOSCOW, June 28. /TASS/. Total spending by Russian households on electronics and home appliances plunged by 47% year on year in 1Q (January - March) 2023, market research company Platforma told TASS.

The company’s analysts reviewed the anonymized data of more than eight million customers of a top Russian bank. Spending on such items also dropped by 32% as compared to 4Q (October - December) 2022. Analysts say the substantial drop in spending over the reporting period stemmed from the growth seen during the New Year holidays and overall since the beginning of the special military operation, leading to the so-called "high base effect."

Buyers of home appliances fell in 1Q 2023 by 23% year on year and by 24% quarter on quarter. "This was probably driven by [consumer] hesitancy to make purchases in the [relevant] category as well as by the overall decline in [consumer] spending," analysts said.