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Ikea planning to attract more young buyers throughout China

By Wang Zhuoqiong | China Daily | Updated: 2019-09-11 07:22

Ikea is working to connect better with young consumers in China by becoming nimbler and more digitalized. The Swedish company that sells modern Scandinavian-design ready-to-assemble furniture, kitchen appliances and home accessories has thrived for more than two decades in China on its business model that focused on large brick-and-mortar shopping centers. People paid about 100 million visits per year to the company's Chinese stores.

Ikea's fiscal report of 2018 showed that revenue in China was 14.6 billion yuan ($2.1 billion), a growth of 9.3 percent year-on-year. However, the growth rate was 4.7 percentage points lower than that in fiscal year 2017 and 10 percentage points less than that in 2016.

Ikea China will make its largest-ever yearly investment - 10 billion yuan - in fiscal year 2020, with more to come in the next two years, aiming to attract younger people in first-tier and smaller cities to its physical stores and digital sites, according to top executives of the company.

Ikea planning to attract more young buyers throughout China

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