Swedish furniture company, IKEA is experiencing huge levels of growth globally with sales also jumping in recession hit Russia. 

The retailer saw an increase in sales of 11% to €32 billion in the year to August, compared to the same period last year.

Only China saw better sales growth than Russia for IKEA. The possible reason for this was the rush of Russian consumers to purchase items from IKEA in the anticipation that prices at the store would rise during the currency crisis. However, an IKEA spokesperson said that this increase was only ‘temporary’.

The ruble fell 50% to major currencies as a result of Western led sanctions, falling oil prices and the subsequent economic recession in the country.

As the crisis lengthened, IKEA began to halt the sales of more expensive items. Consumers are now coming to the store searching for cheaper alternatives to more expensive furniture.

The Swedish giant has been in Russia for 15 years, now operating 14 stores, 3 of which are in Moscow. According to CNN, IKEA has 20% of the Russian furniture market.

They are due to open their 15th store and 4th in Moscow later in the year.