Ikea will raise its prices an average of 9% in 2022 worldwide

The chain believes that it is time to pass on the increased costs to its customers to guarantee its future.

Image of an Ikea employee in an Ikea facility

Ikea will raise the prices of its products by 9% on average during 2022. A decision that the Swedish group adopts to try to mitigate the rise in raw materials that has been registered during 2021. This has been communicated by the company in a statement sent to the media.

The group explains that during this year prices have been rising due to problems in the supply chain and the lack of raw materials. But nevertheless, so far, it has absorbed the shock to avoid a general rise. The problem for the group is that it does not foresee that the interruptions in both supplies and raw materials will be solved in the “nearest future”.

Faced with this situation, Ikea ensures that it cannot continue to contain the increase in costs by itself and is forced to pass them on to your customers.

Proportional increase

“Unfortunately, now, for the first time since rising costs have started to affect the global economy, we have to transfer part of that increase to our customers,” he says. Tolga Öncü, Chief Operating Officer of the Ikea Group.

The price increase will not be linear in all markets. It will be transferred “proportionally” depending on the different territories. This represents an increase close tol 9% on average worldwide.

“We are taking this difficult step to ensure that we can fulfill our purpose of creating a better life for many people and to safeguard our competitiveness and the resilience of the company,” says Öncü. “But nevertheless, the lowest price will always be a cornerstone for us“.

The statement explains that Ikea “invests part of our income in the business to keep prices as low as possible, ensuring that as many people as possible continue to buy” in its stores.

Low price

For this reason, the group insists that it will take the necessary measures so that more than half of the product range is low-priced.

By 2022 ING wants to open 30 new stores and will continue to strengthen the online shopping channel. The objective will be to cut delivery times and make the most sustainable.