DIY & Hardware Store - Finland | Statista Market Forecast

In 2024, the revenue in the DIY & Hardware Store market in Finland amounts to US$5.50bn.
It is projected to experience an annual growth rate of 2.25% (CAGR 2024-2029).
When compared to other countries worldwide, China generates the highest revenue in this market segment, reaching US$785bn in 2024.
In terms of per capita figures, the revenue generated per person in Finland is US$990.10 in 2024.
Finland's DIY & Hardware Store market is experiencing a surge in demand for sustainable and eco-friendly products.

Definition:

The DIY (Do-It-Yourself) market refers to the retail market for products used in home improvement and repair projects, such as tools, hardware, building materials, and lawn and garden products. These products are marketed to consumers who want to perform home improvement projects on their own rather than hire a professional. The DIY market provides consumers with the materials and tools they need to complete projects ranging from simple repairs to complete renovations, allowing them to save money and express their creativity in their living spaces.

Structure:

The market is divided into seven different segments:

The Paint, Wallpaper & Supplies segment includes products used for interior and exterior decoration, renovation, and protection of residential buildings.
The Tools & Machines segment consist of products used for construction, maintenance, and repair tasks.
The Hardware & Building Materials segment includes a diverse range of products that play an important role in the structure, safety, and functionality of a building.
The Lawn & Garden segment encompasses products that help homeowners and landscapers to create and maintain attractive and functional outdoor living spaces.
The Heating & Cooling segment focuses on produts that help regulate indoor temperatures, ensuring comfort, energy efficiency, and air quality in homes.
The Bathroom Hardware segment includes products designed to enhance the functionality and appearance of bathrooms.
The Floor Covering segment encompasses products that serve to protect the floor, enhance the appearance of the room, provide insulation and comfort, and can add value to a property.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Tools such as power tools and hand tools
Hardware such as products related to safety and security
Lawn & Garden such as gardening tools and plant supplies
Heating & Cooling systems such as air conditioners and heaters
Bathroom fixtures such as toilets, faucets, and sinks
Floor Coverings such as parquet panels

Electrical supplies such as power inlets and extension cords
Household appliances such as refrigerators and dishwashers
Hardware services such as preventitive maintenance contracts
Professsional contruction machinery such as cement mixers
Air treatment devices such as purifiers and humidifiers

The DIY & Hardware Store market in Finland is currently experiencing negligible growth, influenced by factors such as the availability of online shopping platforms, increasing consumer interest in home improvement projects, and the convenience of one-stop-shop stores. Despite slow growth, the market is expected to see a rise due to the presence of sub-markets such as Floor Covering and Tools & Machines, which cater to the demand for home renovation and maintenance. However, the market may also face challenges from the availability of cheaper alternatives and limited consumer spending on non-essential items.

Customer preferences: With an increasing interest in sustainability and eco-friendly living, consumers in Finland are becoming more conscious of the environmental impact of their purchases. This has led to a growing demand for sustainable and locally sourced materials in the DIY & Hardware Store Market. Additionally, there has been a rise in DIY projects centered around repurposing and upcycling, as consumers strive to reduce waste and make more eco-conscious choices. This trend aligns with Finland's strong focus on environmental responsibility and sustainable practices, making it a key factor to consider in the DIY & Hardware Store Market.

Trends in the market: In Finland, the DIY & Hardware Store Market is experiencing a rise in online sales, as customers increasingly prefer the convenience of shopping from home. There is also a growing trend of using eco-friendly and sustainable products, with retailers expanding their product offerings in this direction. This shift towards online and sustainable shopping is expected to continue, with more consumers adopting DIY projects and looking for environmentally-friendly solutions. This presents opportunities for industry players to innovate and cater to changing consumer preferences, while also addressing environmental concerns. Additionally, with the rise of digitalization, retailers are investing in e-commerce platforms and digital tools to enhance the customer experience and stay competitive in the market.

Local special circumstances: In Finland, the DIY & Hardware Store Market has been heavily influenced by the country's unique geographical and cultural factors. With its vast forests and lakes, Finland has a strong tradition of self-sufficiency, leading to a strong DIY culture among its citizens. This has resulted in a highly competitive and innovative market, with a focus on sustainable and eco-friendly products. Additionally, strict regulations on building materials, health, and safety have shaped the market, leading to a high demand for high-quality and reliable products. The country's cold climate also drives the need for durable and weather-resistant materials, further shaping the offerings and demand in the DIY & Hardware Store Market.

Underlying macroeconomic factors: The DIY & Hardware Store market in Finland is significantly impacted by macroeconomic factors such as overall economic stability, consumer purchasing power, and government policies. With a strong economy and higher disposable income levels, consumers are more likely to invest in home improvement and renovation projects, thus driving demand for DIY and hardware products. Additionally, government initiatives to promote sustainable construction and encourage home ownership also contribute to market growth by increasing demand for eco-friendly and affordable DIY solutions. Moreover, the country's growing elderly population has created a demand for age-friendly and accessible DIY products, further bolstering market growth.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Building and renovating homes involves general contractors and subcontractors who build new homes and remodel existing homes. Home renovation projects also encompass the remodeling of external structures such as gardens, garages, and lawns. The total U.S. home improvement expenditure amounted to 566 billion U.S. dollars in 2022. Homeowners undertake home improvement to make residential properties more comfortable, upgrade air conditioning and heating systems, waterproof roofs and basements, soundproof rooms, and to extend their homes and boost energy savings.