Fri. Feb 23rd, 2024

IKEA reduces the price by 1500 products despite inflationary pressures

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IKEA says it wants to “support” consumers by reducing the price of 1,500 products this year in Canada. (Archive image)


Voice synthesis, based on artificial intelligence, allows you to generate spoken text from written text.

IKEA is investing $80 million to deduct the price of 1,500 items in the country this year, reads a press release from the furniture giant.

This strategy aims to attract consumers looking for deals, according to experts.

The Swedish company's website already displays hundreds of products at reduced prices. For example, its popular Billy Glass Bookcase now sells for $199, up from $249, a 25% discount.

IKEA is not the only furniture retailer to have lowered its prices in recent months. According to Statistics Canada data, furniture saw deflation of 2.7% in December compared to last year, while the consumer price index increased by 3.4% over the same period.

The Swedish company is, however, able to reduce its prices more than some of its competitors because of its control over its supply chain, according to Doug Stephens, the founder of the consulting company Retail Prophet.

He explains that IKEA is directly involved in virtually every step of its product value chain, from manufacturing to shipping to sale.

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