Currys chief executive Alex Baldock said customers have been “treating themselves” this year and he was positive about the festive season.
The retailer’s latest update showed a 4% fall in like-for-like group revenue and a 2% decline in like-for-like sales in the UK and Ireland.
The update covered the six months to October 31, so did not include Black Friday figures, but sales across its “tech treat” offers increased 111% over two weeks in the Black Friday period.
“What we saw over Black Friday was customers treating themselves at home,” Baldock said.
“On gaming, for example, a bigger chunk of customers’ entertainment budget is being spent at home and that’s being felt in healthy console sales.”
According to research by Currys, two-thirds of customers say they are saving money by getting “salon-level care at home”, which Baldock said bodes well for health and beauty, haircare and tech products.
Many customers also want to stop spending money on daily coffees, which was reflected in improved coffee machine sales.
Baldock added that “the air fryer phenomenon still shows no sign of dying out”.
Currys will be posting a trading update in January revealing how shoppers spent their money over the Christmas period.
Baldock said customers are still spending but “cautiously”.
He said: “On the one hand, the consumer is hard pressed, consumer confidence is pretty bumpy, interest rates have been rising and only half the effect of that has been felt.
“Yes, consumers are cautious about their spending, but on the other hand, real wages have continued to climb, employment stayed high, people retained savings and customers are treating themselves.”