IKEA annual sales have slumped as consumers pull back on furniture purchases amid a weak housing market, according to an earnings report.
“In all our markets we experienced a slowdown of the economy and a slowdown of the home furnishing industry, almost simultaneously,” Ingka Group CEO Jesper Brodin said.IKEA started cutting prices after seeing a drop in store visits and sold quantities. The more affordable prices improved store traffic and the amount of products sold, Brodin said.
The company expects to see a boost in sales next year thanks to lower interest rates in countries around the world.
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