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IKEA is busy cutting prices while everything else gets expensive—and the group’s CEO says it wasn’t ‘rocket science’ to make that call
Fortune
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1/24/2024
It’s rare to go shopping these days without feeling like buying basic things has burned a hole through your pocket. But furniture company IKEA wants to be the exception.
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Tech
Transcript
Display full video transcript
00:00
As prices rise across the board, IKEA is cutting its prices instead.
00:04
The Swedish company has 471 stores across the world
00:08
and is on a mission to make home furnishings more affordable despite rising costs.
00:13
According to Jesper Brodin, CEO of IKEA's parent company, the decision is not rocket science.
00:20
In an interview with CNN, Brodin explained,
00:22
"When we lower our prices in times like now when people have less money in their pockets,
00:27
interest rates are up and so forth, we're growing customers, we're growing market share,
00:31
and we're actually growing quantity."
00:33
Inca Group, the parent company of IKEA, has even been setting aside $1.1 billion
00:39
to absorb price increases rather than passing them on to the customer.
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