I like shopping at Ikea – good service, cheap prices and excellent frozen yogurt.
I’ve also been able to save money on furnishing our home by purchasing items at Ikea that are more expensive at other retailers.
How Ikea Saves Me Money
In the past I have bought standard items from Ikea such as bookshelves and dressers, and then added small touches to them such as custom knob handles, a new paint job or stain to customize them as my own. This makes them look more expensive and allowed me to stretch our budget even further.
I estimate a savings of about 40% off the price of comparable items from other retailers by making simple changes to customize things I’ve bought at Ikea.
Related: How I Multiplied My Savings
Here are some fun facts about Ikea you likely didn’t know……
- It’s no secret that most items in Ikea require assembly. The “Ikea Effect” is a scientifically-proven bias that occurs when people place more value in things that they helped build/assemble themselves – even if they were assembled poorly.
- One couple in New Jersey enjoyed Ikea so much they had their wedding in the frame section of their local Ikea store – where they originally met 8 years prior.
- Ikea was founded in 1943 by Ingvar Kamprad in Sweden. Ikea is an acronym for: Ingvar Kamprad, Elmtaryd (the farm near where he grew up), and Agunnaryd (his hometown in Sweden).
- Ikea has over 1 million visitors daily worldwide, with 60% being female and the average age of an Ikea customer is 42.
- Ikea shopping has turned into an ‘experience’ – with childcare and dining. The most popular item on the menu at Ikea Restaurants is the Swedish meatballs – over 150 million meatballs are served every year.
- Ingvar Kamprad, the founder of Ikea, lives in Switzerland and has been known to show up unannounced at Ikea stores to play a game: he enjoys disguising himself, pretending to be a regular shopper with his wife and chatting with actual shoppers about the products in store.
- Ikea publishes over 200 million catalogues annually – nearly 3 times as many as the Bible. The catalogue itself takes up 70% of the annual marketing budget.
- The founder of Ikea is dyslexic and he wasn’t able to assign numbers to each product, so each product has been given a name instead.
- Ikea’s names for each product are based on various things: sofas, coffee tables and bookshelves are named after Swedish cities. Carpets are named after cities in Denmark and bathroom items are named after lakes and rivers. There is even a site where you can guess the corresponding product associated with each name.
- One way Ikea is able to keep prices low is by using untraditional materials to make many of its products. Cushion covers are made from shirts, chairs are made from plastic buckets and table legs are mass produced by a window factory.
- Ikea uses about 1% of the Earth’s wood supply (more than any other retail store).
Has anyone shopped at Ikea recently? How has your experience been?
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