What: Ikea has significantly reduced prices on thousands of products, with plans for further cuts on an additional 1,000 items by spring.

Why it is important: Ikea aims to provide substantial savings to its customers, aligning with its vision of offering a more affordable and sustainable lifestyle to address ongoing cost-of-living challenges.

The price reductions encompass a wide range of popular products, including those in the living room, bedroom, kitchen, children's, and storage categories. Ikea aims to alleviate cost-of-living pressures for its customers by passing on approximately GBP 100m in savings. Michaela Quinlan, Ikea UK and Ireland's chief commercial officer, emphasized the company's commitment to creating a better everyday life at home by prioritizing low prices. This move follows a previous round of price cuts on kitchen and accessory items, which saw reductions on over 1,300 prices. Ingka Group, the owner of Ikea, expressed confidence that these price cuts would lead to increased sales volumes.

Ikea slashes thousands of prices following easing cost pressures