Boston, MA -- (ReleaseWire) -- 07/14/2014 -- There was a growing focus on home renovation in Russia at the end of the review period. This was fuelled by rising disposable income levels and also by a surge in the number of consumers taking out mortgages. Government-supported mortgage programmes and growing economic confidence resulted in 57% more mortgages being taken out in the first half of 2012 in comparison to a year earlier, with growth remaining strong into 2013. Consequently, many consumers had new homes to decorate, while those who were unable to move often opted to renovate at the end of the review period due to growing economic confidence and the wider availability of consumer credit.
Cigir Kimya was the clear leader in polishes throughout the review period and accounted for 25% value share in 2013. This is due to the company's strength in shoe polish, where its Silver brand accounted for 29% value share in the year. The company benefits from wide distribution and affordable prices for its products. The company however lost share slightly in 2013 over the previous year, with this due to stronger competition in this product area from both domestic player Upeco and Turkish player Empa Kimya.
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Niche product areas in polishes are expected to continue to benefit from the renovation trend at the start of the forecast period. Consumers in new homes and those with new furniture or flooring are expected to be more willing to invest in task-specific polishes, boosting sales of floor polish, furniture polish and metal polishes. Furniture polish is expected to see the strongest performance in the forecast period, due to being used on a wider range of surfaces in most Russian homes, seeing a volume and value CAGR of 3% and 2% respectively at constant 2013 prices.
Discover the latest market trends and uncover sources of future market growth for the Polishes industry in Russia with research from Euromonitor's team of in-country analysts.
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The Polishes in Russia market research report includes:
- Analysis of key supply-side and demand trends
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Our market research reports answer questions such as:
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Product coverage: Floor Polish, Furniture Polish, Metal Polish, Shoe Polish.
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