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Key regions: Worldwide, China, United States, India, Japan
The DIY & Hardware Store market in Nordics has been experiencing a sluggish growth rate, likely due to a combination of factors such as saturation in the market, economic uncertainty, and increasing competition from online retailers. Additionally, the changing consumer preferences towards more sustainable and eco-friendly products may also be impacting the market's growth. However, there still remains a demand for quality, affordable hardware and DIY supplies, particularly in sub-markets such as Floor Covering, Tools & Machines, and Bathroom Hardware. As consumers become more conscious of their home improvement choices, companies in this market must adapt and innovate to stay competitive.
Customer preferences:
The DIY & Hardware Store Market in the Nordics is experiencing a shift in consumer preferences towards eco-friendly and sustainable products. This trend is driven by the Nordic culture's emphasis on environmental sustainability and the increasing awareness of the impact of consumerism on the planet. As a result, there is a growing demand for products made from recycled materials, as well as those that can be reused or repurposed. Demographically, younger generations are leading this change, as they prioritize ethical and environmentally conscious purchasing decisions. This trend is expected to continue as more consumers in the region prioritize sustainability in their lifestyle choices.
Trends in the market: In the Nordics, the DIY & Hardware Store Market is experiencing a surge in online sales, driven by the increasing use of digital technologies and e-commerce platforms. In Sweden, there is a growing trend of consumers using augmented reality tools to preview products and design their home improvement projects. In Norway, retailers are implementing digital marketing strategies to target younger, tech-savvy consumers. This trend is expected to continue, with the potential to disrupt traditional brick-and-mortar stores and drive growth in online sales.
Local special circumstances: In the Nordics, the DIY & Hardware Store Market is heavily influenced by the region's strong do-it-yourself culture and emphasis on self-sufficiency. This has led to a proliferation of small, independent hardware stores, as well as a robust market for online DIY tutorials and instructional materials. Additionally, the region's climate and geography play a significant role in determining preferred DIY projects, with gardening and outdoor renovations being popular due to the long summer days and harsh winter months. The market is also impacted by strict environmental regulations, leading to a focus on eco-friendly and sustainable DIY solutions.
Underlying macroeconomic factors: The growth of the DIY & Hardware Store market in the Nordics is heavily influenced by macroeconomic factors such as consumer confidence, housing market trends, and government policies affecting the construction industry. Countries with stable economic conditions and high levels of consumer spending have seen a rise in demand for DIY and hardware products, as consumers are more willing to invest in home improvement projects. Furthermore, government initiatives aimed at promoting sustainable living and energy-efficient homes have also positively impacted the market, driving the demand for eco-friendly and sustainable products in the DIY & Hardware Store 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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)