On August 29-30, 2023, IKEA China held a media conference for the new fiscal year 2024 and unveiled its growth strategy "Growth+" for the next three years.
On August 29-30, 2023, IKEA China held a media conference for the new fiscal year 2024 and unveiled its development strategy for the next three years, "Growth+".
As we enter 2023, China's consumer and retail market is steadily recovering in dynamism, while the retail market and consumer demand preferences are undergoing profound changes. Led by the "Growth+" strategy, IKEA China plans to invest CNY 6.3 billion over the next three years, focusing on three strategic directions: home life experts, personalized shopping experience and omni-channel ecosystem," said Anze Pang, IKEA China's President and Chief Sustainability Officer. IKEA China also plans to reduce the prices of more than 300 products, focusing on popular consumer products such as whole-house storage.
According to IKEA, consumers are returning to a more rational consumer mindset, pursuing quality and value for money; emphasizing emotional connection and pleasurable experiences; and embracing diversified consumer experiences. In consumer decision-making, they are increasingly emphasizing physical and mental health, green and sustainable factors; they expect new technologies to bring new experiences, and are more concerned about how technology can improve their lives. The younger generation of consumers also shows a clear preference for diversified offline shopping experiences.
IKEA China will continue to provide Chinese consumers with affordable, accessible, sustainable, attractive and locally relevant home furnishing products, solutions and services that inspire their homes. Currently, IKEA offers more than 4,000 sustainable products in China, which are designed in accordance with "democratic design", taking into account functionality, appearance and quality, while ensuring low prices and sustainability.
Liu Rui, vice president of IKEA China, said that this year, the IKEA Design Inspiration Center will take the lead in piloting Beijing and Shenzhen, which are smaller offline touchpoints closer to consumers, and will form an organic whole with the existing offline shopping malls, online channels as well as remote service centers, allowing consumers to come to IKEA more conveniently and in a closer living circle.