Arçelik, has warned that next year will be “very tough” for Europe’s home appliance market as persistently high energy prices and rising borrowing costs hit consumers. 
Arçelik expected the European appliances market to shrink 5 per cent on a unit sales basis in 2024, said chief executive Hakan Bulgurlu. He added that the contraction could reach 10 per cent “if things go bad”.We’re predicting very, very low [economic] growth for Europe as a whole,” Bulgurlu said. He pointed to Germany as a particular weak spot, saying Europe’s economic powerhouse was “really slowing down”Arçelik’s revenue in Europe was steady at €787mn in the third quarter of this year compared with the same period in 2022.