IKEA continues to lower prices for customers
In financial year 2024 (FY24) IKEA sales amounted to EUR 45.1 billion and Inter IKEA Group increased its efforts to make IKEA more affordable for the many people.
In FY24 IKEA has substantially lowered prices across 63 markets, making IKEA more affordable for the many people. As a result of the price decreases, IKEA saw an upward trend in both in-store and online visitation, while volumes are up with increasing consumer demands.
*The IKEA financial year runs from 1 September to 31 August.
Key IKEA facts & figures for FY24
EUR 45.1
billion in IKEA retail sales
56
new IKEA sales locations
216,000
IKEA co-workers around the world
IKEA retail sales
Total IKEA retail sales for FY24 amounted to EUR 45.1 billion, a decrease of 5.3% (4% when adjusted for currency impact) compared to FY23. The drop is mainly due to lower prices. This result was achieved despite a struggling global economy and shrinking home furnishing market.
Total sales include sales of IKEA products, food and services by the 12 IKEA franchisees.
Meeting new customers!
In FY24, IKEA opened 56 new customer meeting points in existing and new markets. Among these were three full-size stores, eight small stores, and 44 plan and order points. One highlight was the expansion of retail operations in Colombia, which included two stores and e-commerce.
Online and store sales
IKEA saw an upward trend in store and online visitation and an increase in online sales, representing 26% of all IKEA sales.
| Category | Percentage |
|---|---|
| FY24 products sold through stores | 71 % |
| FY24 products sold online | 26 % |
| FY24 services to customers | 3 % |
216,000 IKEA co-workers made it happen
Work at IKEA
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Range development for a better life at home
The commercial focus for FY24 was storage across the home and in the past year IKEA helped millions of customers organise their homes. The PAX wardrobe system - the IKEA flagship storage solution - has been a much-loved product for several decades. To further improve PAX, IKEA has now introduced a new foldable PAX frame that can be assembled in half the time and in much smaller spaces.
Other product innovations in FY24 saw the creation of better mattresses that use fewer materials yet offer more comfort at a lower price. The new design incorporates an improved spring construction requiring less foam, which helps to reduce the environmental footprint.