Ikea will continue to offer discounts in China.

According to reports, in order to attract more budget-conscious buyers and defend against competition from local rivals, the world's largest furniture retailer Ikea has promised to continue discounting in China. Tolga Oncu, Chief Operating Officer of Ingka Group, said the Swedish company will invest 20 million euros in the fiscal year starting on September 1 to further lower prices in the Chinese market. Ingka is Ikea's largest franchisee. "We will continue to invest to lower prices in the Chinese market compared to other countries," Oncu said in a recent media interview in Shanghai. "Whether the intensity of our price reductions in China will increase or decrease is uncertain, but I know that China is one of the countries where we are currently investing the most."