Swedish furniture giant Ikea is cutting prices across hundreds of products in Europe to woo customers struggling with deepening cost-of-living pressures. ^[1] Ingka Group, Ikea's largest franchise owner, said on Tuesday that it would invest 1.2 billion euros (about $1.39 billion) with other Ikea franchises and the Inter Ikea Group to lower prices for consumers across Europe. ^[2] Ikea has seen revenue decline over the past two years as the rising cost of living reduces people's ability to invest in new furniture and home renovations. ^[3] The company is spending €1.2bn (£1bn) on the price cuts to items including the Billy bookcase and Kallax storage units, with reductions of up to 28% on certain products. ^[4] According to Ingka Group's press release, more than 1,500 Ikea products in Germany will have their prices lowered by 20%. ^[5] Ingka Group CEO Juvencio Maeztu said the investment is not a short-term campaign but about making Ikea more affordable when people need it most, even if it means accepting a lower margin. ^[6] Juvencio Maeztu, chief executive of Ingka, said that the cost of living is increasing and it is getting tougher for many people. ^[7]