DALIAN, China -- Swedish furniture giant IKEA plans to tap demand among increasingly frugal Chinese shoppers for low-priced products, aiming to invest 270 million yuan ($37.9 million) yearly in development and sales as it releases over 500 new affordable items by August 2025.
The announcement was made by the company's Chinese subsidiary at a product strategy presentation held to coincide with the start of its fiscal year in September. The unit will offer more low-priced, sleep-related items such as mattresses, bed frames and sheets, as well as storage items.
