The furniture industry, with a market size exceeding 600 billion USD, has which brand as the number one furniture brand globally?

In the vast and fiercely competitive global furniture market, despite a market size exceeding 600 billion USD, the industry is highly fragmented with numerous brands, and there are very few companies that truly stand out as "giants."

Ingka Group is undoubtedly one of the super giants in the furniture industry, ranking among the world's top 500 companies with annual revenues of 46.135 billion USD.

Ingka Group (INGKA GROUP) owns a world-renowned furniture brand: IKEA.

The story of IKEA began in the 1940s in a small town in Sweden, where a young entrepreneur wanted to create a better life for people around the world, leading to the founding of IKEA.

The brand's founder, Ingvar Kamprad, started selling pens and wallets at the age of 17.

This experience gave Kamprad insight into the strong demand for affordable goods, cultivating his keen business acumen and pragmatic innovation spirit.

As the business developed, Kamprad gradually turned to the furniture market, and in the process, gradually established IKEA's core competitiveness.

Providing quality products at affordable prices

Kamprad firmly positioned IKEA: providing quality products at affordable prices.

He knew that for most consumers, price is one of the key factors in purchasing decisions.

However, many businesses in the market sacrificed product quality to maintain low prices, a short-sighted approach that not only harmed consumers' interests but also disrupted fair competition in the market.

Kamprad resolutely resisted this, believing that true business success relies not only on low-price strategies but also on a steadfast pursuit of product quality and a long-term commitment to consumers.

IKEA successfully achieved the dual goals of cost control and quality assurance through a series of innovative measures such as optimizing supply chain management, large-scale procurement, standardized design, flat packaging, and a self-service shopping experience.

In IKEA's product development philosophy, low price and high quality are just the basics; furniture that truly meets modern consumers' expectations must also balance practicality, aesthetics, and sustainability.

IKEA's design team deeply studies lifestyles and living trends around the world to ensure that each product meets actual usage needs, possesses fashion appeal, and caters to the preferences of consumers from different cultural backgrounds and aesthetic orientations.

Moreover, IKEA actively practices environmental protection concepts, committed to promoting sustainable development throughout the value chain.

From raw material procurement to manufacturing, to product use and recycling, IKEA demonstrates a high degree of environmental responsibility.

IKEA uses renewable materials, promotes energy-efficient products, and advocates for a circular economy. These actions not only align with the global trend of green consumption but also further enhance IKEA's ethical standing and social influence.

Happy customers buy happily

In IKEA's business landscape, dining services are not ancillary but a crucial part of its overall retail strategy.

IKEA knows that maintaining a pleasant mood during shopping is essential, and good food often effectively enhances the shopping experience.

Therefore, IKEA has meticulously crafted distinctive restaurants offering various Swedish traditional foods and local specialties, such as the famous Swedish meatballs, hot dogs, ice cream, cakes, etc., attracting numerous visitors with no shopping purpose, forming a unique "IKEA food culture."

This innovative model of seamlessly integrating dining with furniture shopping not only extends the time customers spend in the store, increasing the likelihood of impulse purchases, but also earns IKEA high customer loyalty and word-of-mouth effects.

In today's increasingly competitive global furniture market, IKEA continues to write the industry's legend with its unique business model, deep brand heritage, and constant spirit of innovation, consolidating its position as a global furniture giant.