Ikea group CEO tells BI that shoppers are trading down to save money
"This has not been the most prosperous year," Jesper Brodin, the CEO of Ikea's parent group, told Business Insider.
Courtesy of Ikea
- Consumers are feeling the pinch right now.
- In response, Ikea has invested $2.1 billion in cutting prices.
- While the retail landscape is tough, it's benefiting from luring customers away from pricier competitors.
The wild spending days of the pandemic are behind us, and after years of price hikes, consumers are increasingly looking for value.
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