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The IKEA effect is a cognitive bias in which consumers place a disproportionately high value on products they partially created. The name refers to Swedish manufacturer and furniture retailer IKEA, which sells many items of furniture that require assembly .
On 24 November 2014, Jang Duck-jin, head of the Fair Trade Commission's consumer policy bureau, told the media that the commission was planning to commission a consumer group to compare IKEA's product prices by country, and on 19 March 2015, the Consumers Union of Korea published a report comparing the prices of 49 IKEA products in South Korea ...
IKEA is busy cutting prices while everything else gets expensive—and the group’s CEO says it wasn’t ‘rocket science’ to make that call. Prarthana Prakash. January 24, 2024 at 6:57 AM.
An unassembled IKEA flat-pack stool. Ready-to-assemble furniture ( RTA ), also known as knock-down furniture ( KD ), flat-pack furniture, or kit furniture, is a form of furniture that requires customer assembly. The separate components are packed for sale in cartons which also contain assembly instructions and sometimes hardware.
He gave the example of Belgium, where price cuts took effect on Feb. 1—IKEA was able to significantly lower prices on parcel deliveries from €9.99 ($10.81) to €2.99 ($3.24).
IKEA’s own focus on suppressing price increases appears to have brought more customers through the door. Ingka increased revenues by 5.4% last year to €44.3 billion ($48.6 billion).
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