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Ikea UK passing on £100mn in purchasing costs savings to customers

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Ikea UK has lowered prices on thousands of its products, following improvements to purchasing goods costs in 2023, after a challenging period in the wake of the Covid-19 pandemic.

The easing of cost pressures has enabled the retailer to pass £100mn in savings to customers, with prices of more than 1,500 items lowered from 11 January. More than 2,500 products in total will be reduced by this spring.

The homeware retailer stressed that these new lower prices will be a long-term change. It follows price reductions across Ikea UK’s kitchens and accessories ranges, with over 1,300 items reduced in autumn last year.

Shoppers will see price drops on some of Ikea’s best-selling items across bedrooms, living rooms, kitchens, children’s, storage and more. The reduction scheme is designed to support customers during what continues to be a challenging environment for many.

Michaela Quinlan, chief commercial officer at Ikea UK and Ireland, said: “By reducing the price of thousands of much-loved Ikea products, particularly at a time when cost of living pressures continue to affect so many, we’re staying true to our vision of creating a better everyday life at home.

“Keeping prices as low as possible is in our DNA and it’s a priority for us to do all we can to make our products affordable, sustainable and accessible to as many people as possible.”

An example is one of Ikea’s most popular ranges, HEMNES, with a dressing table priced at £159 from £179. Or a double bed frame, down to £194 from £244.

Discover how much of Ikea’s success comes from its low-cost, self-assembly model – that allows for lower production and shipping costs to be passed onto the consumers as lower prices – in an exclusive company profile. The RetailX Homeware 2023 report also looks at why sustainability is a keen driver of online homeware shoppers and Amazon’s successful push into this sector.

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