– Alarm Bells Sound As World’s Second Largest Appliance Company Reports Demand Plunge
Swedish appliance maker Electrolux AB announced a cost reduction program after reporting a plunge in demand for its home appliances across Europe and the US.
The world’s second-largest home appliances manufacturer after Whirlpool said, “market demand for core appliances in Europe and the US so far in the third quarter is estimated to have decreased at a significantly accelerated pace compared with the second quarter, driven by the impact of high inflation on consumer durables purchases and low consumer confidence.”
It noted: “High retailer inventory levels have amplified the impact of the slowdown in consumer demand.”
Remember, there’s a massive inventory glut of consumer goods at retailers.
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