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IKEA Singapore to absorb GST hike in 2024 to remain affordable for the many people

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Corporate newsReports and summaries20 December 2023Last edited: 10 March 2025

From 1 January 2024, IKEA Singapore will absorb the 1% GST rate increase and maintain prices.

SINGAPORE, 21 DECEMBER 2023 – IKEA Singapore announced efforts to ensure that their home furnishing remain affordable for the many people in Singapore amidst rising costs of living.

These initiatives are led by the company’s decision to absorb the one percent increase in GST rate from 8 percent to 9 percent, effective 1 January 2024.

IKEA Singapore has made extra efforts this year to ensure efficiencies in the supply chain so that they can pass on savings through guaranteed low prices for customers. As a result, IKEA Singapore will not increase prices in-store or online because of the 2024 GST hike required by the Inland Revenue Authority of Singapore.

“IKEA Singapore remains committed in our mission to create a better everyday life for the many people and we are glad to be able to keep prices down to support our customers especially in challenging times, when they need it the most,” said Gerard Jansen, Country Retail Director, IKEA Singapore and Philippines. “Our decision to absorb the new GST rate increase fulfils our promise to customers of being the most affordable, accessible, and sustainable home furnishing retailer in the country,” he added.

Additionally, Singaporeans can still count on IKEA Singapore to get the most for their homes through other initiatives such as ‘We lower prices where we can’ whereby customers can enjoy lower prices on their favourite IKEA products or home essentials and the ‘New home package’ to better help homeowners furnish their new or newly renovated homes.

IKEA Singapore had also previously absorbed the GST increase from 7 to 8 percent in 2023 and lowered prices on 144 articles in September 2023, reinforcing their ongoing commitment to keep prices as low as possible to help Singaporeans “make home count".