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IKEA Singapore to absorb 1 per cent GST hike in 2024
IKEA Singapore will not be increasing prices in-store or online because of the 2024 GST hike, the furniture retailer said.
SINGAPORE — IKEA Singapore will be absorbing the one per cent increase in GST from 1 January 2024.
The home furnishing retailer said on Thursday (21 December) that the move was taken to ensure that their products "remain affordable for the many people in Singapore amidst rising costs of living".
IKEA Singapore also said that it has made extra efforts this year to ensure efficiencies in the supply chain so that it can pass on savings through guaranteed low prices for customers.
"IKEA Singapore will not be increasing prices in-store or online because of the 2024 GST hike required by the Inland Revenue Authority of Singapore," the company said.
“Our decision to absorb the new GST rate increase fulfils our promise to customers of being the most affordable, accessible, and sustainable home furnishing retailer in the country,” said Gerard Jansen, Country Retail Director, IKEA Singapore and Philippines.
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Other IKEA Singapore initiatives to help customers save cost include its 'We lower prices where we can' programme, where consumers can enjoy lower prices on the company's products, and the 'New Home Package', to better help homeowners furnish their new or newly renovated homes.
The company had also earlier absorbed the GST increase from seven to eight per cent in early 2023 and lowered prices on 144 articles in September 2023.
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