The Lawn & Garden Market in the DIY & Hardware Store Market in Latvia nan has seen minimal growth, due to factors such as a lack of consumer interest, limited access to digital technologies, and low health awareness. Online services have not been embraced as readily as in other regions.
Customer preferences: As more people in Latvia are becoming interested in gardening and spending time outdoors, there is a growing demand for environmentally friendly and sustainable products in the Lawn & Garden market. Consumers are also looking for products that are easy to use and require minimal maintenance, driven by the trend of prioritizing convenience and time-saving solutions. This is reflected in the increase in sales of automatic irrigation systems and eco-friendly gardening tools. Additionally, there is a rising interest in urban gardening, as people in cities are turning to balcony and rooftop gardens to grow their own plants and vegetables.
Trends in the market: In Latvia, the Lawn & Garden Market within the DIY & Hardware Store Market is seeing a rise in eco-friendly and sustainable gardening practices. This trend is driven by increasing awareness of environmental issues and a growing interest in organic and natural products. As a result, there is a demand for environmentally-friendly gardening tools and products, such as biodegradable planters and organic fertilizers. This trend is expected to continue, with consumers becoming more conscious of their environmental impact. Industry stakeholders should focus on offering eco-friendly alternatives and promoting sustainable gardening practices to meet the growing demand. This can also create new market opportunities for eco-friendly brands and suppliers.
Local special circumstances: In Latvia, the Lawn & Garden market is influenced by the country's relatively small and dense population, as well as its temperate climate and strong gardening culture. These factors contribute to a strong demand for high-quality gardening tools and plants, as well as a growing interest in sustainable and eco-friendly gardening practices. Additionally, the DIY & Hardware Store market in Latvia is shaped by strict product safety regulations and a preference for locally-made goods, creating unique challenges and opportunities for retailers to cater to the needs and preferences of the local population.
Underlying macroeconomic factors: The Lawn & Garden Market within the DIY & Hardware Store Market in Latvia is significantly impacted by macroeconomic factors such as consumer confidence, disposable income levels, and housing market trends. As a small, open economy, Latvia is vulnerable to global economic trends such as trade wars and currency fluctuations. However, the country's resilient economic growth and stable fiscal policies have supported domestic demand and consumer spending, which positively impacts the lawn and garden market. Additionally, the increasing focus on environmental sustainability and the growing trend of home gardening in Latvia are driving the demand for lawn and garden products, creating opportunities for growth in the market.
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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