Arçelik, one of the world’s biggest household goods’ manufacturers through its Beko branded refrigerators and washing machines, has warned that next year will be “very tough” for Europe’s home appliance market as persistently high energy prices and rising borrowing costs hit consumers.
Turkey-based Arçelik expected the European appliances market to shrink 5 per cent on a unit sales basis in 2024, said chief executive Hakan Bulgurlu. He added that the contraction could reach 10 per cent “if things go bad”.
“I see headwinds pretty much everywhere at the moment in Europe,” Bulgurlu said in an interview with the Financial Times, adding that “it’s increasingly looking very likely that 2024 will continue to be very tough”.
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