Ikea slashes prices by 1.2 billion in Europe to counteract the cost-of-living crisis

Ikea said on Tuesday that it is cutting prices by 1.2 billion euros this year in Europe, the Financial Times (FT) reports.

The Swedish retailer has seen revenue decline as the rising cost of living reduces people's ability to buy new furniture.

Swedish budget furniture retailer Ikea announced a new wave of price cuts as it tries to boost demand in Europe, at a time when the surging cost of housing in many countries has dented people's ability to move and curbed spending on furniture and homeware.

The move comes after two consecutive years of falling revenue.

Ikea invests €1.2 billion in Europe price cuts to lure cautious consumers  Reuters

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