As many businesses grapple with changing spending habits and as consumers continue calling out skyrocketing prices, Ikea has announced plans for a major shift aimed at becoming more affordable.
The Swedish company recently re-introduced its New Lower Price option, reducing prices on hundreds of products and unveiling plans to lower prices on hundreds in the coming months.
"Our priority is to be as affordable as possible and continue reducing prices whenever we can to ensure that our products are accessible to all and that dream homes are within reach for the many," the company told NBC Chicago in a statement.
The price cuts range anywhere from $5 to $20 to even $50 off several products.
The company has two stores in the Chicago area, one in Bolingbrook and one in Schaumburg.
Ikea's shift comes as several other businesses announce plans to increase affordability as consumers begin to shift their spending habits.
McDonald's President and CEO Chris Kempczinski recently promised the company affordability would be a focus this year.
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The fast food chain hopes to get customers back into its stores with marketing that emphasizes low-cost options.
“We certainly know consumers are more wary — and weary — of pricing and we’re going to continue to be consumer-led in our pricing decisions as we look forward to 2024,” Chief Financial Officer Ian Borden said.
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Details on what those affordable options might be, or if price cuts are in the works, remain unclear.
Consumers have taken to social media in recent months to decry what they believe is a disproportionate rise in costs.
Earlier this month, a viral social media post reignited a debate about the prices at Five Guys.
“Five Guys prices are out of control,” a user wrote alongside an image of a receipt sourced from Reddit. “$24 for one person.”
Rising prices at chains like McDonald’s and Five Guys have caused customers to reconsider eating out at all, with the former saying it plans on focusing on affordable pricing in the future. Plus, beef inflation caused the average price of a burger to rise to nearly $16 in 2023.
