IKEA is great for stuff where I'm willing to sacrifice some quality for a proportionally large price discount.

But for furniture where quality is more of a concern, and I'm willing to go up a rung on the price ladder, I've been very happy with both Crate & Barrel and Room & Board (noun & noun) here in the US. I have a C&B sectional sofa and quite a few pieces from R&B such as our king size bed, dresser, nightstands, kid's dresser, dining room sideboard cabinet.

They're not $5000 for a single chair range, but $5000 for bed + nightstands + dresser, though you can certainly get stuff for less.

But for "young people or people of modest means" I agree that you probably can't beat IKEA. There certainly are other cheap furniture retailers but you don't really know what you're getting and the style leaves a lot to be desired.

Couch: I'd never get from IKEA. Comfort really matters.

I have 2 IKEA beds. Quite happy with them!

Ditto dressers and nightstands.

I don't see why I'd get something more expensive.