IKEA’s Prices Are Dropping in 2024—Here’s Why

IKEA is continuing to roll out low prices and new deals for customers worldwide.

IKEA first announced their plan to lower prices for 2024 in November, and they’ve just confirmed that they’re continuing their plan to make their prices as low as possible for all of their customers.

So, what happened to make IKEA change their furniture prices? Mostly, the cost of materials and transportation lowered significantly in 2023, according to Inter IKEA Group.

Keeping Customers in Mind

IKEA has promised to share these profits with customers; the major furniture chain is committed to giving shoppers the lowest possible prices on quality home furnishings. This means that we might see prices drop even lower in 2024, depending on how IKEA does throughout the year.

They’re serious about finding the best prices possible; they’ve already invested over one billion dollars into re-pricing their current stock.

Another major change for IKEA’s pricing came within the last two months of 2023, which was the introduction of IKEA’s New Lower Price section.

New Lower Price features a selection of products on IKEA’s website that have been marked down as much as possible, usually by at least 20%. The New Lower Price items can be shopped both online and in-stores, making them as accessible as possible for anyone searching for an extra deal. 

Fan-Favorite Products With a New Pricetag

There’s no exact science as to which products IKEA is dropping prices on. Technically, they’re working hard to reduce pricing on anything and everything, but any pieces without reduced manufacturing costs will likely never see a reduction. New Lower Prices tends to feature trendy IKEA products along with a large collection of other major price drops.

“As we celebrate the 80th anniversary of the founding of IKEA in 1943, I look forward to our next financial year when we will be able to continue to live up to our business idea of offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them," said CFO of Inter IKEA Group, Martin van Dam, in an Inter IKEA Group announcement,

But How Long Will It Last?

Can we expect to see these low prices continue forever? It all depends on IKEA’s profits. The retailer has plans to continue increasing the efficiency of production, which lowers prices all around.

The business model of offering continually lower prices will actually work out well for the retailer—not only will they draw in additional customers, but they’ll also retain more of their current customer base with their unbeatable prices. So, there’s hope that IKEA’s sweet, sweet deals will stick around for a while. 

If you’re not seeing IKEA’s prices lowering in stores near you just yet, don’t worry, the price lowering is rolling out slowly. There have been some lowered prices in 2023, but we’re expecting to see the full effects of IKEA’s price revamp in the first half of the new year.

For now, continue checking the New Lower Prices section in stores and online while you keep your eye on regular IKEA furniture prices.

Read Next: 6 IKEA Shopping Hacks Experts Want You to Know Before Your Next Visit

Read the original article on The Spruce.