Euronics expects declining demand this year

By: Trademagazin Date: 2023. 07. 21. 11:54

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Despite the market challenges, Euronics closed its 2022-2023 business year with stable traffic growth and a significant expansion of its online market share. According to the company that operates the electronics store chain with the largest number of stores in our country and the largest, entirely Hungarian-owned webshop, demand is expected to decrease this year.

Overall, Euronics closed its 2022-2023 business year with a 12.5 percent increase in sales revenue. The technical retailer’s offline sales increased by 12.8 percent, while sales from the webshop increased by 9.5 percent. The company’s months with the highest sales revenue were November and December, the result of which was mainly contributed by the sale of smartphones, televisions larger than 55″, combination refrigerators with sub-freezers, dryers and washing machines.

Euronics achieved growth despite the fact that in the second half of last year there was a strong increase in traffic in the technical market, peaking during the holiday season, based on GfK data this trend reversed in January 2023, and in the first half of this year it was already visible in the entire segment the negative impact of inflation and falling real wages.