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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TechTranscript
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.