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On 24 November 2014, Jang Duck-jin, head of the Fair Trade Commission's consumer policy bureau, told the media that the commission was planning to commission a consumer group to compare IKEA's product prices by country, [30] and on 19 March 2015, the Consumers Union of Korea published a report comparing the prices of 49 IKEA products in South ...
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Consumer Reports (CR), formerly Consumers Union (CU), is an American nonprofit consumer organization dedicated to independent product testing, investigative journalism, consumer-oriented research, public education, and consumer advocacy.
IKEA entered the Japanese market in 1974 through a franchise arrangement with a local partner, only to withdraw in failure in 1986. Japan was one of the first markets outside its original core European market. Despite Japan being the then second largest economy in the world, IKEA did not adapt its store layout strategy to the Japanese consumer.
IKEA also closed its urban small store in New York last December due to low foot fall, but has opened similar locations in London’s Hammersmith area as well as in downtown San Francisco.
The IKEA effect is a cognitive bias in which consumers place a disproportionately high value on products they partially created. The name refers to Swedish manufacturer and furniture retailer IKEA , which sells many items of furniture that require assembly .