Best Buy Raises Outlook as Consumers Spend on Tech Upgrades

Best Buy BBY 5.85%increase; green up pointing triangle Chief Executive Corie Barry said consumers across income groups are spending on new laptops, videogame consoles and cellphones, the latest sign of strength for the American shopper.

If shoppers feel they are getting a good value “they are willing to spend when they need to or when there is innovation,” Barry said on a call with reporters Tuesday.

Shoppers are buying when they spot a sale, when they need something such as a new computer or when a new electronics update tempts them, like the new Windows 11 operating systems and updated gaming consoles.