Ikea's inspiration

Pontus Erntell, CEO, president and chief sustainability officer of Ikea China, said over the past 28 years the company has always closely followed the evolving needs of Chinese consumers.

The Swedish home furnishings and furniture retailer tries to offer products, home solutions, and retail experiences tailored to diverse lifestyles in China, which can also be offered as a "treat" for global consumers.

"A long-term product series co-created with China, the Chinese New Year collection, was launched globally by Ikea, reflecting our confidence in China, for China, and in co-creating with China," Erntell said.

"Ikea has achieved the global debut of its Chinese New Year collections at the China International Import Expo for five consecutive years," said Erntell.

The Year of the Snake collection recorded sales of over 400,000 units from its CIIE debut through the post-Spring Festival period, and was subsequently launched in overseas markets.

Erntell said younger consumers in China are increasingly seeking ways to reinterpret traditional festivals in ways that reflect their personal lifestyles and contemporary living spaces.

At last year's CIIE, Ikea showcased around 25 new products from its Year of the Horse collection. "The collection has been launched across multiple Ikea markets worldwide," said Erntell.

"China is not only an important market for Ikea, but also a valuable environment for exploring new approaches and innovations," he added.

As China continues to advance in areas such as digital retail and lifestyle innovation, experiences gained here are increasingly informing Ikea's development in other markets.

Lyu Mei, head of strategic consulting for JLL East China, said in addition to the paradigm shifting from "China for China" to "China for the world", "the world's second-largest economy has officially become the innovation lab of global retail business".

China's leading digital supply chains and agile response capabilities are reshaping multinational companies' global operations. Lyu said China is no longer at the end of the process, but is the source of new strategies.