Furniture store IKEA Singapore lowered the prices of over 140 products, with prices dropping more than S$100 for certain items.
On their website, IKEA wrote that they "know many people are feeling the pinch right now".
"To help you get the most from your home, we work hard every day to keep our prices as low as possible for you."
Screenshot via IKEA Singapore website
144 now, 60 more to go
In response to Mothership's queries, IKEA clarified that it dropped the prices of 144 products in September.
It will also reduce the prices on more than 60 articles by Apr. 1, 2024.
Affected items include top-selling products such as the KALLAX shelving unit, which has been lowered from S$109 to S$89.
The popular MALM range of drawers is also now about S$30 to S$50 cheaper.
Another bedroom product, the HEMNES day-bed, was previously priced at S$807 but is now S$677.
Photos via IKEA Singapore
Photos via IKEA Singapore
Photos via IKEA Singapore
Photos via IKEA Singapore
Passing on savings
IKEA Singapore also shared their annual Life At Home Report with Mothership, which stated that 74 per cent of Singaporeans surveyed were worried about their household finances.
"That's why we work hard to keep prices as low as possible on essential and best-selling items so these savings really matter and count for the many Singaporeans looking to get the most for their home," said Gerard Jansen, retail director at IKEA Singapore.
With wholesale prices falling on IKEA products in the future, the store will pass on their savings wherever possible, it said.
The report also noted that 86 per cent of Singaporeans surveyed expressed frustration over household mess, chores and clutter.
Thus, IKEA said it will continue to focus on lowering the prices of storage solutions across their stores.
Jansen added:
"The IKEA vision is to create a better everyday life for the many people by offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.
We stand by our promise to be the most affordable, accessible and sustainable home furnishing retailer in the country."
According to an Oct. 13 press release, IKEA Singapore, owned and operated by Ikano Retail, saw a dip of 2 per cent in revenue in 2023.
The press release also noted the "tough economic climate" amid higher costs, inflation, and more cautious consumer sentiment.
IKEA Singapore closed its financial year on Aug. 31 with a turnover of S$384.2 million.
Top photo via Google Maps