Each iPhone in Russia increased by 10-20 thousand RUB (2-5 million VND, 100-200 USD) after many people in this country bought and stocked technology devices.
Statistics of Yandex Market (an online Market Monitoring service) show that from January to February 2022, the price of iPhone 13 (128GB version) in Russia has increased from 79,990 RUB ($833) to 104,000 RUB ($1083). While the iPhone 13 Pro Max (256 GB memory) increases the price by about 14.6 thousand RUB ($152).
According to a representative of PJSC VimpelCom, one of Russia’s largest telecommunications groups: “People rush to buy electronic equipment, causing smartphone prices to increase. Prices of devices and accessories are based on demand, inventories, and market realities”.
Other electronic devices such as laptops and dryers are also 17% to 40% more expensive.
Retailers fear the Russia-Ukraine conflict and Western bans could directly affect future supplies of electronics. A representative of a retailer said that shipping restrictions could cause the price of items to increase by 10-30%.
Alexei Vukolov (Senior Vice President in charge of commercial activities of retailer Svyaznoy) said that sales of electronic products at Svyaznoy’s stores at the end of February increased sharply compared to a week earlier.
“Specifically, the demand to buy portable speakers increased by 85% while laptops increased by 77%, tablets increased by 32%, smartphones increased by 30%”.
According to analyst Eldar Murtazin of Mobile Research Group, Russians are tending to buy home appliances and phones with cash instead of buying in installments as before.
“Demand for buying electronics in Russia increased three to five times at the end of February compared to a week earlier. This was due to concerns that supply was scarce, increasing prices,” Murtazin said.
However, Murtazin warned that stockpiling will not be effective because electronic equipment will soon become outdated and often depreciate as soon as it is used.
Statistics of two major e-commerces in Russia, Ozon, and AliExpress, show that online retail sales of technology items increased by 50-60% over the same period in late January.
Earlier, on February 26, on Twitter, Mykhailo Fedorov (Deputy Prime Minister of Ukraine) said that he had contacted Tim Cook (Apple CEO) to urge the technology giant to stop providing products and services in Russia and block access to the App Store from Russia.
On March 1, Apple announced: “We have decided to stop all imports of products into Apple Store systems in Russia. Apple Pay and other services have been restricted. RT News and Sputnik News Apps are no longer available for download from the App Store outside of Russia”.
Apple and Google also disable real-time traffic on Apple Maps and Google Maps.
Facebook and Instagram have also begun restricting content from Russian state media channels.
In contrast, Russia has also restricted access to Facebook and Instagram in Russia after the world’s largest social network refused to stop warning labels and censor the content of Russian government media channels.