IKEA Reduces Prices on Home Furnishings in Malaysia

IKEA is implementing significant price cuts across multiple markets, including the UK, Malaysia, Singapore, and the Philippines, in response to rising living costs and inflation. The Swedish furniture retailer is lowering prices on over 2,000 items in Malaysia and 550 items in Singapore, aiming to make essential home furnishings more affordable for consumers facing financial challenges. Ikano Retail CEO Christian Roejkjaer emphasized the company's commitment to supporting households by passing on savings and making quality products accessible. Despite a slight revenue increase of 1.3% year-on-year, the retail industry has struggled, prompting these price reductions. These efforts are seen as a way to alleviate the financial strain on consumers and help them manage their budgets effectively during tough economic times.