Tech Demand Expected to Plummet, Says Best Buy
Best Buy expects a decline in tech sales to hit a low this year, reflecting consumer caution around discretionary spending and retail purchases. The company lowered the high end of its revenue forecast for the year, citing a decline in demand after two years of sales declines. Best Buy's CEO remains optimistic about the future, anticipating stabilization and possible growth in the consumer electronics industry next year. Other retailers, including Target and Home Depot, have also experienced sales declines in recent quarters.