Dutch household favourites Ikea and Action are reducing their prices in 2024, according to reports from several Dutch newspapers. The lower costs are due to falling prices for transportation and raw materials.
According to De Telegraaf, Ikea is lowering its prices by an average of 20 percent. Around 2.700 products are set to be cheaper than last year, in large part due to falling prices for transportation and a decline in the cost of raw materials following a period of high inflation. Rather than pocketing the profit, both Ikea and Action have decided to use the cost relief to reduce the prices of their products.
Action is also reducing a significant number of products. Around 40 percent of its stock, or around 2.500 products are going to be sold for a lower price in 2024, according to RTL Nieuws.
Both businesses had already started to bring down prices in 2023, with Action having lowered the prices of 900 products, and Ikea reducing the price of 600 items. The companies have been able to lower their prices after a surge in the cost of raw materials during the COVID-19 pandemic.
Following the pandemic, conflict and international uncertainty saw the price of fuel increase, therefore pushing up the price of transportation. With this now having subsided, firms are able to start bringing prices down even more in 2024.
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