Ikea shifts biz focus to home upgrades

Résumé détaillé

Swedish furniture retailer Ikea is expanding its home improvement services and smaller-store formats in China, as the maturing property market shifts consumer demand from…

Swedish furniture retailer Ikea is expanding its home improvement services and smaller-store formats in China, as the maturing property market shifts consumer demand from furnishing newly purchased homes to upgrading existing living spaces.

Chinese consumers are increasingly seeking affordable, flexible ways to improve their homes rather than undertaking costly renovations or replacing furniture on a large scale, according to Aleksey Efremov, senior vice-president of Ikea China.

"China's housing market is becoming more mature," he said in an interview during the ninth China International Import Expo in Shanghai. "The market is moving from a fast expansion phase to a more stable, mature phase, where people are focused not only on changing homes, but also on improving the quality of their lives."

The shift is prompting Ikea to place greater emphasis on modular furniture, room planning and what it calls "light customization" services, allowing customers to upgrade individual spaces such as kitchens without renovating an entire property.

Efremov said consumers are increasingly considering how their homes can adapt to different stages of life, from starting a family to accommodating changing needs as they grow older. This has created opportunities for retailers to offer products alongside design, planning and installation services.

Ikea has seen a positive response to its light customization offerings, particularly for kitchens, where customers can improve specific functions while keeping renovation costs manageable, he said.

Cost transparency is another important factor. By providing clearer estimates for products and services, Ikea aims to make smaller renovation projects more affordable and easier to complete.

The approach reflects a change in the company's commercial priorities.

Previously, "the focus was often on individual products, such as a particular piece of furniture or a storage solution", Efremov said.

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