As the cost of living continues to rise in Canada, one furniture retailer is taking steps to make life more affordable for Canadians.
On Wednesday, IKEA Canada announced that it will be investing over $80 million to lower prices on over 1,500 IKEA products.
The announcement comes on the heels of a recent report from the company that found that 45% of Canadians say their household finances and disposable income are a top concern, while 37% are concerned about the state of the economy in the country.
In light of these findings, IKEA Canada has begun a long-term journey throughout 2024 to reduce the prices of products across the entire IKEA range, including popular items like the STRANDMON chair, the much-loved BILLY bookcase, and several items from lighting, cookware, bed textiles, and many more.
"We know that in Canada, the cost of living and affordability is more important than ever as many Canadians face rising living costs and increased inflation. Many are facing an affordability crisis and are struggling with fundamental costs such as housing, fuel, health, and food," said Selwyn Crittendon, CEO and Chief Sustainability Officer at IKEA Canada.
"We know that our products and home furnishing solutions bring joy to people every day and have helped millions to fulfill the dream of a beautiful and affordable home for more than 80 years globally and 47 years in Canada. We remain committed to maintaining our commitment to affordability and value for money that's so important right now."
The Swedish furniture giant said leading with lowest prices is increasingly vital and Canadians can already begin to see price reductions on some of their favourite IKEA products including:
- BILLY Bookcase with glass doors: Now $199, previous price: $249
- STRANDMON Armchair: Now $349, previous price $399
- VITTSJÖ Laptop stand: Now $29.99, previous price: $59.99
- RANARP Work lamp: Now $39.99, previous price $49.99
The furniture store currently has a section on its site with all of the products that have seen a price reduction.
IKEA Canada says this investment in price reductions is a significant milestone in the retailer's ongoing commitment to being an accessible home furnishing retailer with a focus on functional, high-quality products, and services available at affordable prices.
