Good news, IKEA fans: Shopping at the beloved Swedish furniture and homeware store is getting even more affordable.
Reuters reports that IKEA’s annual profit more than doubled over the past year, giving them leeway to make their products even more affordable than they already are. Last year, the company dealt with inflation and the closing of its Russian factories. This came after IKEA was forced to raise prices due to higher costs for raw materials and transport at the height of the COVID-19 pandemic. But this year, IKEA made a major rebound, and began cutting prices on certain items in September.
“We came into 2023 with higher prices than we wanted. We have lowered prices at the end of 2023 and into 2024. Supply costs started to come down for us,” Jon Abrahamsson Ring, chief executive of Inter IKEA, told Fast Company.
That means a KALLAX, MALM, or BILLY could be easier on the wallet the next time you shop (no word on whether the Swedish meatballs are also part of the price reductions).
According to a statement from Chief Financial Officer, Martin Van Dom, it will take a little bit of time for prices to feel noticeably lower. The good news is that prices have already been slashed up to 20% on some products, and the company expects to continue lowering prices even more.
“Costs trending downwards should positively affect prices for IKEA customers in the coming year and beyond,” the company said in a statement to Reuters.
So if you’ve been waiting for an excuse to get out your Allen wrench and start planning your next IKEA hack, you now have one!