SINGAPORE — Ikea Singapore lowered prices of 144 products in September, and expects to reduce costs of over 60 more by April 2024, the furniture giant told The Straits Times on Monday (Oct 16). This comes on the back of an announcement last Friday that Ikea would be cutting the prices of some of its products globally. 'I think 2023...
Ikea’s retail sales hit a record at €47.6 billion for the 2023 fiscal year.SINGAPORE — Ikea Singapore lowered prices of 144 products in September, and expects to reduce costs of over 60 more by April 2024, the furniture giant told The Straits Times on Monday .
He cited an ongoing global cost-of-living crisis, as well as an ease on the pressure of costs to its supply chain as "raw material prices, transportation costs are going in the right direction", having soared at the beginning of the year. In response to ST queries, an Ikea spokesman explained that the Inter Ikea Group is responsible for the range and supply for 12 Ikea franchisees around the world.
For example, a Malm chest of six drawers is now priced at $199, down from $249, while the Kallax shelving unit is now priced at $89, down from $109. "That's why we work hard to keep prices as low as possible on essential and best-selling items, so these savings count for the many Singaporeans looking to get the most for their home," he added.
"We stand by our promise to be the most affordable, accessible and sustainable home furnishing retailer in the country."
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