Best Buy and the reluctant shopper. Sales fall as Americans pull back on spending

The Associated Press

NEW YORK (AP) – Best Buy sales and profits slid in the second quarter as the nation’s largest consumer electronics chain continues to wrestle with a pullback in spending on gadgets after Americans splurged during the pandemic.

The decline in sales was smaller than what Wall Street had anticipated, however, and profits were better than expected.

The U.S. job market has remained resilient, but Americans are facing higher prices and more expensive credit. It’s more expensive to take out loans for appliances, cars and houses, or to use a credit card.

Consumers have become reluctant to spend unless there is a sale. They’re being more selective with what they will buy and, in many cases, trading down to buy cheaper stuff.

Read the full story on AP News right here.

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8/29/2023 12:31:44 PM (GMT -5:00)