IKEA Announces New Wave of Price Cuts

Ingka Group, the largest IKEA retailer with about 90% of IKEA retail sales, said it continues to lower prices despite a challenging year.

Since the beginning of FY24 (September 2023), Ingka Group has lowered prices twice, and it has seen positive effects with quantities picking up.

For example, in Canada, an additional $80 million (CAD) is being invested to cut prices for more than 1,500 products, including the iconic KALLAX bookshelf series, the MALM bedframe as well as items from home textiles, cookware, and lighting.

In remarks accompanying the announcement, Tolga Öncu, Ingka Retail Manager, Ingka Group (IKEA), said:

“This fiscal year for us is the year of lowering prices long-term and becoming even more affordable for our customers. It is not about optimizing profits. At the same time, we see that people consume less and postpone their purchases as many still struggle with disposable income and cost of living. For this reason, we decided to further invest in price cuts and navigate with smaller margins.

Considering today’s economy, we are pleased with our customers’ interest in our products and services. Our goal remains to bring our prices as close as possible to their pre-pandemic levels and further support our customers going forward.”