Improving affordability
Financial year 2023* (FY23) was a year marked by pulling together to make IKEA more affordable to ensure that as many people as possible can shop at IKEA now and for many years to come.
In challenging times, when inflation is high and many people struggle with the cost of living, the need for home furnishing solutions at affordable prices is high. At the close of FY23, we began to see IKEA retail prices decreasing.
*The IKEA financial year runs from 1 September to 31 August.
Key IKEA facts & figures for FY23
EUR 47.6
billion in IKEA retail sales
71
new IKEA sales locations
219,000
IKEA co-workers around the world
IKEA retail sales
The total IKEA retail sales for FY23 reached 47.6 billion, an increase of 6.6% compared to FY22. Total sales include sales of IKEA products, food and services by the 12 IKEA franchisees.
More accessible for customers in city centres
The small store formats bring IKEA closer to where people live and work. 71 new IKEA sales locations have opened this year – the majority were small stores and plan & order points. The latest addition was a small store in the centre of Copenhagen tailored to local needs, both in terms of better accessibility for the city’s many cyclists as well as changing urban consumer behaviour.
Other locally adapted stores opened in Madrid, Almeria, Rome, Surabaya, Bavaro, Cabo, San Francisco and Toronto. This year also saw ground-breaking of the first ever IKEA store in New Zealand.
Online and store sales
Online sales has stabilised at 23% compared to 22% in FY22. IKEA online channels hosted 3.8 billion visitors, compared to 4.3 billion last year.
| Category | Percentage |
|---|---|
| FY23 products sold through stores | 74 % |
| FY23 products sold online | 23 % |
| FY23 services to customers | 3 % |
219,000 IKEA co-workers made it happen
Work at IKEA
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Range development for affordability, desirability and sustainability
The work to reduce environmental footprint and lower climate impact also continued apace. One example is the introduction of bio-based glue alternatives after 10 years of internal research. Bio-based glue will reduce fossil-based glue usage by 40% and the climate footprint from glue by 30%, by FY30.
Another example is the SILVERSIDA series, which is the very first example of IKEA successfully using ceramic production waste on a large scale to make the new tableware. 65-70% of SILVERSIDA products are composed of internal waste from the factory.