• News
  • Film and TV
  • Music
  • Tech
  • Features
  • Celebrity
  • Politics
  • Weird
  • Community
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
TikTok
YouTube
Submit Your Content
Ikea is battling inflation by reducing prices of hundreds of items worldwide

Home> News> World News

Published 19:25 14 Mar 2024 GMT

Ikea is battling inflation by reducing prices of hundreds of items worldwide

If you fancy getting your hands on some Ikea furniture, now might be a good time

Kit Roberts

Kit Roberts

Ikea has announced it will be slashing prices on hundreds of its products across its stores.

If you're in the market for some flatpack furniture, tasteful but affordable home decor, and some meatballs then this might be your lucky day.

The Swedish homeware giant is marking down products across its many stores globally, and is even saying that this just the beginning.

Ikea has become known for its well-designed but still affordable furniture.

Advert

The brand is iconic worldwide, with its designs being among the most widely-known internationally.

You could probably always recognise one of the armchairs, or at least one that has been inspired by it.

But the other big part of Ikea's appeal is its affordability, and inflation running away internationally presents some challenges.

So why exactly is Ikea announcing such a counter-intuitive move as a price cut?

Advert

Ikea is reducing its prices.
Costfoto/NurPhoto via Getty Images

Well, it's to do with inflation and the homeware giant's reputation for affordability.

The company has to find a balance between being cheap enough to not drive customers away but obviously still make enough money.

Hitha Herzog is chief research officer at H Squared Research, and told ABC: "They're realizing that their customer is price sensitive.

Advert

"Having less expensive furniture will keep them coming back over and over again."

Ikea has also clarified that the reduction in prices is also a way to roll back on previous price hikes which had been introduced.

The company explained it had raised its prices after the Covid-19 pandemic due to a low inventory and increased raw material costs.

However, shelves have once again been stocked so the company is in a position to be able to lower its prices.

Advert

The company had previously put its prices up due to increased costs.
Brandon Bell/Getty Images

Customer Taylor Byrne was documenting some of the big price reductions which were now available at the store.

Byrne told ABC: "They've already had low prices for as long as I can remember.

"I have went in recently and noticed even lower prices was just shocking."

Advert

A statement on Ikea's website says: "We've reduced the prices of some of our favourite products making them even more affordable.

"Take advantage of these lowered prices and discover a wide range of options. This is not a sale. This is the new normal."

The price cuts started in Europe in September, and have already led to an increase in customers according to the retailer.

Featured Image Credit: Warren Little/Staff/Stephen Chernin/Stringer

Topics: News, World News

Kit Roberts
Kit Roberts

Kit joined UNILAD in 2023 as a community journalist. They have previously worked for StokeonTrentLive, the Daily Mirror, and the Daily Star.

Advert

Advert

Advert

Choose your content:

2 hours ago
3 hours ago
4 hours ago
  • 2 hours ago

    Woman with fear of dolls sues boss after terrifying office prank left her with PTSD

    A former banker with a lifelong fear of dolls says she’s had PTSD after a prank at work

    News
  • 2 hours ago

    Celebrity chef Anne Burrell's final Instagram post before she suddenly died aged 55 as police release heartbreaking details

    Anne Burrell was best known for TV shows like Secrets of a Restaurant Chef and Worst Cooks in America

    Celebrity
  • 3 hours ago

    Teen dies aged 14 just days after contracting infection as doctor issue urgent warning

    William Hand tragically died on June 8 at the age of 14

    News
  • 4 hours ago

    Celebrity chef Anne Burrell dies suddenly aged 55 as police release heartbreaking details

    Anne Burrell's family confirmed her death on June 17

    Celebrity
  • American shoppers urged to buy these 10 essential items before prices skyrocket from Trump tariffs
  • Inside eerie town where hundreds of life-sized dolls have replaced real residents
  • Donald Trump defies judge's orders and deports hundreds of 'Venezuelan gang members'
  • Man, 23, develops rare condition called 'dropped head syndrome' after battling addiction for years