The DIY & Hardware Store Market in Finland is facing negligible growth due to factors such as economic uncertainty, changing consumer preferences, and a shift towards online shopping. This has impacted the floor covering segment, despite the convenience it offers.
Customer preferences: With the rise of sustainability concerns, there has been a shift towards eco-friendly floor covering options in Finland. Consumers are now prioritizing environmentally friendly materials such as natural hardwood, bamboo, and cork for their DIY projects. This trend is influenced by the country's strong emphasis on nature and eco-consciousness. Additionally, the aging population in Finland has led to an increase in demand for slip-resistant flooring, catering to the safety needs of older consumers.
Trends in the market: In Finland, the Floor Covering Market within the DIY & Hardware Store Market has seen an increase in eco-friendly and sustainable flooring options. This trend is driven by consumer demand for environmentally responsible products and government initiatives promoting green practices. As a result, the use of natural materials like bamboo and cork, as well as recycled materials, such as carpet tiles made from plastic bottles, is on the rise. This trajectory signals a shift towards more environmentally conscious choices in the industry and offers opportunities for stakeholders to capitalize on this growing demand. It also highlights the importance of incorporating sustainable practices in business strategies to stay competitive in the market.
Local special circumstances: In Finland, the Floor Covering Market within the DIY & Hardware Store Market is influenced by the country's long and harsh winters, prompting a high demand for durable and weather-resistant flooring materials. Additionally, the use of eco-friendly and sustainable products is emphasized by the government, leading to a rise in the popularity of natural and organic flooring options. The country's low unemployment rates also contribute to a strong DIY culture, driving the sales of floor coverings in hardware stores.
Underlying macroeconomic factors: The Floor Covering Market within the DIY & Hardware Store Market in Finland is largely impacted by macroeconomic factors such as economic growth, consumer spending, and construction activity. With steady economic growth and rising consumer confidence, the demand for home improvement products, including floor coverings, is expected to increase. Additionally, government initiatives promoting sustainable housing and energy-efficient construction are likely to drive the demand for eco-friendly floor coverings. Moreover, the rise in household disposable income and a growing do-it-yourself trend among consumers are also contributing to the growth of the floor covering market in Finland.
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.
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