IKEA allocates 1.2 billion euros for price cuts
IKEA announced a plan to reduce prices on around 1,500 products across Europe starting in September, with discounts of up to 28%. The goal is to support consumers in facing rising living costs. The company is absorbing a cost of €1.2 billion ($1.4 billion) and aims through these discounts to boost sales volume and offset declining profits, focusing on popular items such as Billy bookcases, storage units, and kitchen accessories. This move comes amid decreasing purchasing power and varying impacts of currency fluctuations and material prices on European markets, as the company continues to expand outside Europe with additional support costs.
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