Ikea says product shortages will last well into the summer of 2022

• Ikea said supply chain problems continue to cause delays and shortages at its stores.
• These shortages would likely last well into 2022, the CEO of its parent company told the FT.

Swedish flatpack giant Ikea is expecting product shortages and delays to last well into the summer of 2022.

In an interview with the Financial Times, Abrahamsson Ring, CEO of Ikea's parent company, Inter Ikea, said that supply chain challenges had lasted longer than expected. Shortages would likely continue "for the better part, if not the whole" of Ikea's financial year, which ends August 2022, he said.

"This is here for a longer period than we thought of at the beginning of the crisis," he said.

The global supply chain network remains in crisis, and experts are in agreement with Ikea that next year is unlikely to be any easier.

"There is no indication that it will get better by 2022," Dave Marcotte, longtime retail and supply chain expert from Kantar Consulting, said in a recent conversation with Insider.

"Things are really bad ... it's like a huge rubber band that keeps getting stretched further and further," he said.