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Best Buy set for tenth straight quarter of sales drop on weak electronics spending
Best Buy is set to post its tenth consecutive quarter of sales decline on Thursday when the U.S. electronics retailer reports quarterly results, as spending on big-ticket electronics remains pressured despite easing inflation. He said a recovery in demand at Best Buy is not expected until the second half of this year. Best Buy was one of the first among top U.S. retailers to see a slump in demand when inflation hit decades high in 2022 and customers cut back on big-ticket expenses.
Although results from big-box retailers Walmart and Target indicate that consumers have resumed spending on less-expensive discretionary items such as apparel and accessories, they are still hesitant to go for TVs and washing machines. Best Buy was one of the first among top U.S. retailers to see a slump in demand when inflation hit decades high in 2022 and customers cut back on big-ticket expenses. Analysts have also said that the rise of artificial intelligence may have delayed purchases as some higher-income shoppers await upgraded laptops with AI features, such as Microsoft's co-pilot button, and televisions to hit the shelves.
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