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Increase in Chinese middle class boosts Ikea sales



The largest furniture company in the world, Ikea, has proved very popular in the ever-growing Chinese middle class.
The Swedish company has reported an increase of 3.6% in sales, compared to the previous year, boosting its revenues to €29bn, compared to €23.2bn.

The company now runs 315 stores in 27 countries worldwide, and it would appear that shoppers have become accustomed to its confusing store setup and the frustration of having to assemble its flat-pack furniture. Ikea is planning to open its first stores in India and South Korea.

China has eight of the largest Ikea stores and has become the fastest-growing market for the furniture dealer as migration to cities creates a middle class with sufficient money to spend.
ikea_chinese.jpg

According to Ikea, its business has seen good sales performance in North America, where the economy appears to be improving.

Europe is responsible for about 70% of the company’s total turnover and sales have improved in this region, but the company is preparing to face more challenges due to the flat economic growth in the region and pressures from deflation in the offing.

The group is set to face an economic decline in Russia, one of its main developing markets, which accounts for 7% of their overall turnover. This area is experiencing consumer spending slowdown due to the tension in the international arena.

The firm stated that both store visits and online shopping was increasing and more information will be made available when they publish their annual report during the first part of next year.

More about shopping malls in China

DAY BEFORE YESTERDAY, France:
The brand will refocus some of its production capacity on producing masks and other protective equipment to join the global fight against the pandemic.
Mar 30, 2020, Germany:
Several major retailers in Germany have decided to stop paying rent for stores that are forced to idle due to the coronavirus epidemic.
Mar 26, 2020, USA:
McDonald's restaurant chain is forced to revise the menu as the coronavirus spreads.
Mar 26, 2020:
To support as many people as possible during difficult times, Nike makes its applications with exercise programs and video training available to everyone.
Mar 25, 2020, USA:
According to the company, it will gradually reopen stores in the regions where this situation allows.
Mar 24, 2020, Sweden:
The total number of closed stores around the world reached 3440 out of 5060.
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