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You will soon pay more for your new TV, Currys warns

Currys bosses warn that prices for TVs, stereos and other electronic products will skyrocket this year


Prices for TVs, stereos and other electronic products will skyrocket this year, Currys bosses warned.

Alex Baldock, CEO of retailers since 2018, said it was “inevitable” for shoppers to see price increases due to rising inflation.

Baldock refused to say exactly how much the price would go up, but top retail analysts said it could be as high as 8%.

Price increase: Alex Baldock said soaring inflation will hurt shoppers.

Currys is suffering from supply chain disruptions, causing shortages and rising shipping costs. Baldock said Currys could “swallow” some of its costs and promised to offer a cheaper product than its rivals. However, the 51-year-old said prices would rise across the market.

He states: One of the expectations of the market as a whole in 2022 is the rise in prices. I think that is inevitable. We keep our price promise that no one will be cheaper than Currys. ”

Families across the country are facing a cost-of-living crisis caused by soaring energy bills, rapid inflation, and looming tax increases.

The Bank of England expects inflation to reach 6% by spring, but analysts have warned that the April energy price cap could rise by more than £ 700.

National insurance premiums will also rise in April, adding an additional £ 12 billion to taxpayers.

Baldock said he has already seen some customers curb spending due to concerns over household pressure and uncertainty about Covid.

Currys, which has 832 stores primarily based in the United Kingdom, reported a 5% decline in sales during the major Christmas trading period. As a result of the decline in sales, Currys lowered its profit forecast from the previous £ 160m to £ 155m.

Investors were surprised last month by warning that sales were sluggish for Christmas.

At that time, Balldock sought to explode the government’s reaction to Omicron and allow retailers to trade freely.

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You will soon pay more for your new TV, Currys warns

Source link You will soon pay more for your new TV, Currys warns

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