"We get many more customers that might have gone to more expensive competitors. So we saw more people," said Brodin, highlighting the benefits Ikea has derived from its price-cutting strategy.
"People have the same needs, but they have much less money in their wallet," Brodin noted, underscoring the shift in consumer behavior as households prioritize value amidst economic pressures.
Despite the challenges, Ikea's strategy to invest $2.1 billion in price cuts reflects its understanding of current consumer sentiments and market dynamics post-pandemic.
Brodin compared the current consumer sentiment to the aftermath of the 2008 recession, noting significant changes in spending habits as inflation pressures consumers.
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