You’ll soon be paying a lot more for your new TV, Currys warns
Boss of Currys warns that the price of TVs, stereos and other electronic goods will rise this year
The price of TVs, stereos and other electronic goods will rise this year, Currys boss warned.
Alex Baldock, the retailer’s CEO since 2018, said it is “inevitable” that shoppers will be hit by price increases due to rising inflation.
Baldock declined to say exactly how much prices will rise, but top retail analysts said it could be as much as 8 percent.
Price hike: Alex Baldock said it’s ‘inevitable’ that shoppers will be hit by price hikes due to rising inflation
Currys struggled with a supply chain disruption, causing shortages and increasing shipping costs. Baldock said Currys can “swallow” some of the cost and promised it would still offer cheaper products than rivals. But the 51-year-old said prices will rise across the market.
He said: “One of the things we expect in the market in 2022 is price increases. We think that’s inevitable, we’ll keep our price promise that no one gets cheaper than them with Currys.”
Families across the country are facing a cost of living crisis brought on by rising utility bills, rampant inflation and looming tax hikes.
The Bank of England expects inflation to hit 6 percent in the spring, while analysts have warned that the energy bill price cap could rise more than £700 in April.
National insurance rates will also rise in April, costing taxpayers an additional £12 billion.
Baldock said fears about tight household budgets, as well as the uncertainty surrounding Covid, had already pushed some customers back in spending.
Currys, which has 832 stores, mainly located in the UK, reported a 5 percent drop in sales in the main Christmas trading period. As a result of the fall in sales, Currys lowered its profit forecast to £155 million, from £160 million previously.
The company stunned investors last month by warning that sales were slowing ahead of Christmas.
Baldock at the time rejected the government’s response to Omicron and called for retailers to trade freely.