IKEA sales fall 5% after price cuts amid weak housing market

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IKEA,Jesper Brodin,Annual Sales

IKEA annual sales fell 5% after the Swedish budget homeware retailer cut prices in a bid to attract more shoppers and maintain its share of a shrinking home ...

LONDON - IKEA annual sales fell 5% after the Swedish budget homeware retailer cut prices in a bid to attract more shoppers and maintain its share of a shrinking home furniture market, but it expects a recovery next year.

After seeing a decline in store visits and sold quantities, IKEA decided to cut prices, which boosted footfall and the amount of products sold, Brodin said. For 2025, IKEA expects a boost to sales as lower interest rates drive more people to move house, which usually prompts buying of beds, sofas, and bookcases.

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