Russians needing a new car can barter their underwear instead of using currency--although they must be premium, unworn undies. After all, this is for a new car! Ads are appearing in Russian newspapers and online that offer a car for 2.5 million rubles worth of underwear. Another will trade wood for food or medicine.
Bartering is clearly back with a vengeance in Russia. A heavy equipment maker is offering to pay debt with excavators. In the 1990’s, barter made up at least 50 percent of sales for medium-sized businesses, and sometimes up to 75 percent for larger businesses.
Abandoning Currency
Trade in Skivvies for a Car With Russia's Credit Crunch Bartering System
Trend Themes
1. Bartering for Goods - The rise of bartering systems as an alternative to traditional currency opens up opportunities for businesses to explore new avenues of trade and exchange.
2. Alternative Payment Methods - The use of non-traditional forms of payment, such as premium unworn undies or wood, highlights the changing landscape of how transactions are conducted and presents an opportunity for innovative payment solutions.
3. Revival of Barter Economy - The resurgence of barter as a means of trade in Russia demonstrates the potential for revitalizing traditional economic models and could inspire new business models based on barter systems.
Industry Implications
1. Automotive - The automotive industry can explore partnerships or campaigns that leverage the new bartering trend to drive sales and engage with customers in creative ways.
2. E-commerce - Bartering platforms can emerge as disruptive players in the e-commerce industry, providing a unique and alternative method for users to exchange goods and services without relying on traditional currency.
3. Manufacturing - Manufacturing companies can capitalize on the bartering system by offering to accept goods or services as payment, allowing them to settle debts or acquire resources in a mutually beneficial way.