Installment sale of electronics suspended in Russia

Some Russian electronics stores began to gradually refuse to provide customers with installment and credit services.  This is due to the unstable exchange rate, as well as the high rate of the Central Bank of the Russian Federation.  Experts believe that this situation may continue for the next few years.

The abolition of the possibility of purchasing household appliances and electronics in installments has already been announced by the M-Video and Eldorado stores, as well as the Apple re:Store monobrand network. Installment itself is a form of discount that sellers give to buyers on a range of products.

However, due to the rise in the key rate, as well as the unstable exchange rate, the provision of the service has become simply unprofitable and impossible without raising prices for other non-promotional goods.

Russian Federal State Agency for Health and Consumer Rights noted that loans and installments may return to stores if the value of borrowed money decreases. At the same time, the agency recalled that the sale of goods in such ways is not the responsibility of the chains. This is their right, used to attract buyers.

Despite this, M-Video and Eldorado noted that they have the ability to provide loans to citizens who really need it. Retail chains have financial agreements with a dozen banks, as well as their own lending platform, Izvestia reports.

In this situation, experts predict a significant decline in the high-priced technology segment. This is not only due to the refusal of installments and loans, but also due to growing credit rates, as well as stops in the supply of new expensive electronics to Russia.