IKEA built its empire on the promise that stylish furniture can be cheap, but years into the cost-of-living crisis, its latest price cut suggests shoppers want it even cheaper.
The Swedish furniture giant said on Tuesday it will invest about $1.4 billion (€1.2 billion) to lower prices across Europe, including cuts averaging 15% to 25% on items such as home furnishings, kitchen products and storage bins. The company cited higher living costs squeezing consumers and said it’s willing to sacrifice some margin to help.
