Info via Reuters – IKEA calls for more China stimulus as sales slip
- IKEA urges China to deploy further economic stimulus
- China accounted for 3.5% of Ingka Group’s global sales, down from 3.6%
- IKEA opened new Shanghai store in September, now has 39 stores in China
- Price cuts helped boost sales
- China unveiled aggressive monetary stimulus package two weeks ago … IKEA executives “excited” to see impact on home furnishing market
Key quote: “We would like to encourage even more stimulation to the market because the market needs a little extra boost,” – Jesper Brodin, CEO of Ingka Group
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As a heads up ICYMI, China’s finance ministry is to provide further stimulus plans on Saturday
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