IKEA has released its annual Christmas shopping report, revealing that Christmas sales across the world were down for the third consecutive year, despite the arrival of New Year’s Eve.
The Swedish company reported sales fell by 11.7% in the US, 8.4% in Europe and 4.3% in China.
In addition, holiday sales in Australia and New Zealand fell by 4.5% and 5.2%, respectively.
The IKES Christmas 2018 Christmas Market is in the UK, Germany, Canada, Japan and South Korea, and is expected to attract $1.4 billion in sales.
While Christmas shopping is a traditional tradition, many shoppers turn to other products during the festive season, which also tends to be a time when consumers are spending less time with family and friends.
This year’s Christmas market saw more shoppers turning to electronics, which are often cheaper than Christmas-themed products.IKEA, which is a division of Swedish multinational Swedish Ingelöf Södertes, reported sales of 1.8 billion Swedish crowns ($1.6 billion) for the year, an increase of nearly 9%.
IKEP also reported an 8% increase in sales of 7.3 billion crowns, which were the largest in the history of the division.
Christmas shopping has been a tradition in Sweden since the 1950s.
The IKEK Christmas market, which runs from December 19 to December 26, has traditionally attracted shoppers from across Europe and the Middle East.
The market is not open to the public.