IKEA's parent company Ingka Group CEO Jasper Brodin recently stated that although current inflation is gradually cooling and interest rates are also decreasing, consumer spending patterns have undergone significant changes since the COVID-19 pandemic, with consumers continuously cutting back on expenses. (Background: 'Terrifying data' will arrive tomorrow night, UBS: Weak consumption will lead to a 100 basis point rate cut by the Fed before the end of the year) (Background information: What is the US CPI? How does the Consumer Price Index affect the stock market, its composition and calculation, and the difference with core CPI... a complete analysis) Currently, the US economy shows that consumer confidence is still considered stable, and there are even signs of a slight warming in the labor market. Yellen has repeatedly stated that the economy is gradually heading towards a 'soft landing.' However, Jasper Brodin, CEO of the multinational home goods retail giant IKEA's parent company Ingka Group, recently stated that compared to the past, when supply chain disruptions led to a significant increase in product prices during the COVID-19 pandemic, IKEA has already spent 2 billion euros last year to reduce prices on its most popular products. Although IKEA has discounted its products and sales have increased, according to the Financial Times, IKEA's revenue actually declined by 5.3% to 45 billion euros in the year ending August this year, marking its first decline since 2020. Consumer confidence resembles that during the 2008 financial crisis. In this regard, Brodin explained that due to the previous high inflation rates and high-interest rates, people's wallets have been under pressure, combined with the recovery of the supply chain, transportation costs, and raw material prices decreasing, they had to reduce prices for their products, even restoring them to pre-pandemic levels. It is worth noting that Brodin also stated that current consumer spending patterns have begun to change. Despite inflation being alleviated at present, and both Europe and the US starting to cut interest rates, for consumers, the money in their wallets has always been decreasing, and consumers have begun to cut back on spending, shopping mainly based on demand rather than worshipping various DIY products: People have the same needs as before, but the money in their wallets is much less than before. In their actual observations, IKEA believes that the current economy is not prosperous, but more like the days after the 2008 economic recession; even if interest rates begin to decrease and inflation cools, it will take some time for people to reopen their wallets. To meet consumer demand, IKEA has even launched a second-hand home goods trading platform, allowing consumers to buy and sell their second-hand home goods on the platform, seemingly also a change made to cope with insufficient purchasing power. Whether a soft landing can be achieved depends on three key points: Consumer confidence performance, China's economic performance, adjustments to economic policies since Trump took office. Although not yet conclusive, since Trump was confirmed elected, the market has significantly lowered the anticipated rate cut by the Federal Reserve for the end of next year. Whether it can avoid the crisis of economic recession remains to be seen over time. Related reports: Trump's 2.0 policy may reignite inflation! Krugman warns: Tariff wars and repatriating migrant workers are detrimental to the US economy... The Secretary of Economic Affairs: Clouded Leopard Energy relies on 'NVIDIA's investment in Taiwan' false news to manipulate stocks, says many things that shouldn't be said... When will the largest bubble in US stock history burst? Analysts: Not afraid of economic recession; the real deadly factor is the interest rate differential between Japan and the US. 'IKEA: The current consumer environment resembles the post-2008 financial crisis, with consumers' wallets drastically shrinking' was first published on BlockTempo (the most influential blockchain news media).