Smart speakers such as Amazon’s Echo Dot and Google’s Nest Mini series are out of vogue with consumers, Currys PLC (LSE:CURY) chief executive has stated.
Appearing on the BBC’s Today programme, Alex Baldock said smart speaker sales have “fallen off a cliff” as inflation-struck shoppers gravitate to more essential items like televisions and kitchen appliances.
Smart speakers connect Wi-Fi-enabled household devices that can be controlled using voice commands via built-in voice assistants like Amazon Alexa and Google Siri.
However, “people aren't as interested in Amazon Alexa as they used to be", said Baldock, noted that shoppers were “being careful with their money”.
His comments came following the electrical retailer’s disappointing financial year results, marred by lower profits and a pre-tax loss of £450mln.
Currys also pulled the final dividend, causing shares to plummet 10% since yesterday’s close.
Baldock noted that consumers have become more cautious with their finances, exercising greater care in their spending decisions.
Energy-efficient white goods have also become more popular as a way to save on bills.