Swedish home and furniture company Ikea has been cutting prices across a number of countries as global inflation eased, as it boosts its investments in price reductions.
The company is further expanding its price cuts in 2024 across all of its markets globally, aiming to dial back price increases that were introduced in 2022.
The price cuts, which started in Europe in September, have led to an increase in customers, as well as an increase in items sold by the retailer, according to Öncü.
Between September and November, Ingka has invested more than 1 billion euros ($1.1 billion) in price cuts across markets it operates in, according to Reuters.
In Canada, the price of its popular Billy bookcase has fallen by 20% since the company invested 55 million euros to trim prices for over 1,500 products, Ingka said in January.
Persons:
Ingka, Billy bookcase
Organizations:
Ikea, Inkga Group, CNBC, Reuters
Locations:
Europe, Canada