IKEA Australia is set to drop the prices on more than 700 items by up to 20 per cent.
Prices on a range of products including furniture, lighting, textiles and storage will have prices lowered from Tuesday.
The prices of more than 2500 items have been dropped in the past 12 months, in a response to the cost-of-living crisis, IKEA said.
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The recent IKEA Life at Home Report notes that 43 per cent of Australians said their household finances and disposable income are a top concern, while 38 per cent are concerned about the current state of the economy in the country.
“We know how tough Australians are doing, the cost of living and affordability is more important than ever as many Australians face rising costs and increased inflation,” IKEA Australia selling manager Ainslie Woodham said.
“Like most businesses, IKEA has not been immune to rising costs from supply chain and operations — however, as a business we’ve made a commitment to not pass these costs on where possible.”
IKEA has seen its supply chain costs stabilise and made gains in its operational efficiency, and will use these savings to reduce prices where possible, a spokesperson said.
“Creating a better everyday life and securing the lowest prices has been a pillar of the IKEA brand’s Democratic Design philosophy for the past 80 years,” the spokesperson said.
The new price drops launching on March 26 include: