Customer 'wallets are thinner' but Ikea records global sales of €44.6bn 

"Toulon, France - March 3, 2012: IKEA sign outside of the IKEA Toulon store. IKEA is a Swedish company and is the worlds largest appliances And decor retailer."

Ikea's annual sales fell for a second consecutive year, as the budget furniture retailer stuck to a strategy of cutting prices to attract cash-strapped consumers and gain market share in a fiercely competitive market.

Having hiked prices during the pandemic due to supply chain disruptions, the world's biggest furniture retailer has cut prices by 10% on average over the past two years as high inflation and weak housing markets worldwide dented consumers' demand for furniture and homeware.