IKEA Canada, a part of IKEA store operator Ingka Group, has announced substantial price reductions on an additional 800 products this month.

The announcement is part of the retailer’s commitment to invest more than C$80m ($58.48m) this year to reduce prices on more than 1,500 items. 

The latest price cuts focus on a range of customer favourites, including the KALLAX bookshelf series, the MALM bedframe, and the NÄMMARÖ outdoor furniture series.  

The reductions also extend to select lighting products, home textiles, cookware and many more. 

In response to the growing concern over affordability among Canadians, IKEA Canada has also introduced new financial services.  

These services provide customers with financing options, allowing them to manage their budgets more effectively by spreading payments over time.  

One such service, Pay in 4 by Afterpay, enables customers to make four interest-free payments for online purchases ranging from C$50 to C$1,000, inclusive of services and taxes. 

IKEA Canada CEO and chief sustainability officer Selwyn Crittendon said: "Through IKEA Canada's annual Life at Home Report and Canadian Home Visits programme we're continuously hearing about nearly half of Canadian households facing financial challenges and the constant pressure to make ends meet. 

"IKEA Canada's commitment to affordability is a promise to our customers - it's about siding with the many Canadians during challenging financial times, and our promise to live up to our vision of creating a better everyday life at home by taking price reductions on the products Canadians value and need the most." 

This announcement follows Ingka Group’s earlier initiative to price cuts for a range of products in various countries, including Canada, where it invested €55m to reduce price cuts for more than 1,500 products.