IKEA to reduce prices on over 1,500 products across Europe

Swedish furniture giant IKEA has announced that it will implement price reductions ranging from 15 to 25 percent on more than 1,500 products and invest 1.2 billion euros to support customers facing rising living costs in Europe.

Comprehensive Price Reduction Decision Across Europe

Swedish furniture giant IKEA expects to reduce prices by 15-25 percent on more than 1,500 products in Europe due to rising living costs and to draw customers back.

It was stated that the price reductions by the Swedish furniture group will take effect immediately. Ingka Group, which owns the majority of IKEA stores worldwide, and Inter IKEA Group, the owner of the IKEA brand, announced on Tuesday that they will invest 1.2 billion euros to lower prices across Europe.

Price Reduction Rates by Country

While the prices of more than 1,500 products in Germany will be lowered by an average of 20 percent, price reductions will be made on hundreds of home goods and accessory products in the UK.

In the Italian market, on the other hand, the prices of hundreds of products were lowered by an average of 22 percent.

Additional Investment Steps for Global Markets

To support affordability in markets outside Europe as well, Ingka Group announced that it will invest 70 million euros to offset inflation and currency pressures in Asia and North America.

Long-Term Strategy Statement from Management

Ingka Group CEO Juvencio Maeztu stated that this investment is not an operational or short-term campaign.

Maeztu expressed that this is about making IKEA more affordable at a time when people need it the most, taking this step even if it means accepting a lower profit margin.