IKEA to Slash Prices on Products

IKEA is cutting prices on certain products in numerous countries, including Belgium, Canada and India, according to Reuters. IKEA said these price cuts are a result of decreasing prices on raw materials.

“Every country is sitting and looking at where are the opportunities for us to, by lowering the prices, sell more pieces,” Tolga Oncu, Ingka Retail Manager at Ingka Group, an owner of IKEA stores, told Reuters. “When you lower the price you also need to see a volume increase.”

IKEA previously introduced price increases in 2022. The goal, according to the Ingka Group, is to bring prices back to what they were pre-pandemic, with adjustments for inflation.