Over Black Friday weekend, the Swedish retailer will be hosting an event called Buy Back in 27 countries. Customers can bring in old Ikea furniture for the retailer to resell or recycle, in exchange for store credit. The event allows Ikea to promote circular economy and reach out to a new customer basis, who otherwise would have gone to another marketplace for second-hand furniture. “[…] second-hand furniture was a more established market than fashion but sales were traditionally conducted on an informal basis at yard sales, thrift shops and by sales to friends,” said Neil Saunders, managing director of GlobalData Retail.

Ikea hopes to become a completely circular company by 2030, meaning that all of its products are designed to be reused, repaired, upgraded, and recycled.

With resale, Ikea is trying to find new ways to acquire customers

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