Currys boss: Smart speaker sales have fallen off a cliff

Sales of smart speakers have "fallen off a cliff" as customers cut back and trade down on electrical items, the boss of Currys has said.

Revenue was down across the board at the group in the year to 29 April as people bought cheaper goods due to the rising cost of living.

Shoppers also bought more products on credit to spread their costs.

Shares in Currys dropped after it said it was "wary of optimism about consumer spending power" in the coming year.

Asked why sales had dropped 7% at the group, managing director Alex Baldock told the BBC's Today programme that shoppers "are being careful with their money".

He added that "there is some trading down to lower value items".

These included TVs and smaller kitchen appliances like kettles, where an entry level product still "boils water for you".

Meanwhile, Mr Baldock said "smart speakers have fallen off a cliff. People aren't as interested in Amazon Alexa as they used to be".

The retailer said customers were using credit to buy more expensive products like washing machines. Nearly 18% of goods at the chain were bought on credit this year, compared with 13% last year.

"Credit has never been more important for customers than during a cost of living crisis," the retailer said.