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Retail Facts Finland 2018

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Retail Facts Finland 2018 Retail Facts Finland 2018 Join us! Opportunities for international retailers A stable, Why Finland? transparent and well-performing Nordic country Population GDP growth grows rapidly in forecast is the the largest cities, highest in the 3 FINLAND OVERVIEW especially in Nordics Helsinki *The 8 THE FINNISH RETAIL MARKET happiest country in 16 HELSINKI METROPOLITAN AREA the world Growing 25 TAMPERE shopping centre Retail market is growing market, high quality 29 TURKU opportunities for faster than the retail brands Eurozone 33 ESTABLISHMENT FACTS Wealthy consumers with purchasing power 34 CONTACT INFORMATION among the top 10 in EU *Sustainable Development Solutions Network, World Happiness Report 2018 Chapter 1 Finland overview Photo: Helsinki 365 desing boutique in Punavuori / Jussi Hellsten Well-performing stable Nordic country A member of the European Union and the only Nordic country in the Eurozone The Nordic region continues to outperform the rest of Europe in rankings. All Nordic countries are ranked in the top 10 best countries in the world for doing business and the region’s residents are among the happiest and the wealthiest. €9,400 RETAIL AND F&B SALES KEY FACTS FINLAND PER CAPITA 2016 Population 2017 5.5 million GDP per capita 2017 EUR 40,544 FINLAND GDP growth 2017 2.6 % Tampere GDP growth 2018 (f)* 2.8 % SWEDEN NORWAY Ination (Mar 2018) 0.8 % RUSSIA Turku Unemployment rate (Mar 2018) 8.8 % Oslo Helsinki Disposable income per capita 2016 EUR 22,490 3h 30min Retail sales 2016 EUR 45,600 million Stockholm Retail sales growth 2017 2.5 % 2h St. Petersburg F&B sales 2016 EUR 6,200 million Tallinn F&B sales growth 2017 5.9 % ESTONIA Retail and F&B sales per capita 2016 EUR 9,400 Corporate tax rate 20 % DENMARK Source: Statistics Finland, *EU Copenhagen FInland overview // 4 GDP growth forecasted to be the highest in the Nordics Economy is boosting again Auent population GDP DEVELOPMENT AND FORECAST Finland’s GDP per capita is 36 % above the Private consumption increased by 1.5 % in 3,2 % EU average. Within the recent years, the 2017 and is projected to grow by some 2 % 2,8 2,6 2,7 economy has entered a new growth phase. in 2018, reecting the improved labor 2,5 2,4 2,4 2,3 Finland’s GDP grew by 2.6 % in 2017, faster market and the historically high level of 2,1 2,2 2 2,0 2,0 2,0 1,9 than that of the other Nordic countries and consumer condence. 1,8 hitting one of the highest growth rates Spending potential signicantly in Europe. exceeds the EU average. Finland is among The current growth is broadly based the top 10 EU-countries based on and well balanced with exports, private purchasing power per capita (2016). consumption and investments all increas- Sources: Eurostat, Statistics Finland, EU forecast ing, which is expected to continue in 2018. 2016 2017 2018f 2019f Finland’s economy is consistently Finland Sweden Denmark Euro area (19 countries) Source: Eurostat, forecast, EU being ranked as one of the most com- petitive economies in the world by the World Economic Forum. TOP 10 COUNTRIES IN EU 2016 DISPOSABLE INCOME PER CAPITA IN PPS, EUR Luxembourg 31 412 Germany 27 818 Austria 26 660 GDP PER CAPITA GDP GREW BY France 24 924 Belgium 24 468 Sweden 24 265 Finland 24 138 36% 2.6% Denmark 23 587 ABOVE EU AVERAGE IN 2017 Netherlands 23 578 EU (28 countries) 21 903 Italy 21 586 Source: Eurostat, forecast, EU FInland overview // 5 Population grows rapidly especially in Helsinki Finland has three city regions with more than 300,000 inhabitants. Nearly 40 % of the population lives in these three regions and the share is set to increase thanks to a growing population and continuous urbanization. FINLAND'S LARGEST CITY REGIONS Population 2017 Forecasted 5-year population growth 1 Helsinki region 1,540,600 92,100 6.0 % 2 Tampere region 402,500 16,400 4.1 % 3 Turku region 328,100 7,400 2.2 % 4 Oulu region 248,300 15,900 6.4 % Source: 5 Lahti region 201,200 1,600 0.8 % Statistics Finland, 2018 Statistics 6 Jyväskylä region 184,300 5,000 2.7 % 4 7 Kuopio region 139,900 4,600 3.3 % 8 Pori region 133,400 -1,000 -0.7 % 9 Seinäjoki region 126,900 4,100 3.3 % 10 Joensuu region 124,400 2,200 1.8 % 9 7 TAMPERE 10 6 2 8 TURKU 40% 6.0% 5 LIVES IN 5YEAR GROWTH 3 1 THE THREE LARGEST IN HELSINKI REGION REGIONS HELSINKI FInland overview // 6 The top performer in international rankings Finland retains its good position in many international This illustrates Finland’s reputation as a respected Nordic rankings regarding the competitiveness of the economy where stability, transparency, high-quality economy or the overall welfare of its citizens. education and healthcare support business and living. 1st 1st st Consumers' 1 condence in the The safest Top Nordic country in a economy is strongest country in the world. number of foreign direct in Europe. World Economic Forum, The investment projects. Travel & Tourism st st European Commission, st EY European Investment st Competitiveness 1 1 Business and consumer 1 Monitor, 2017 1 Report 2017 The happiest surveys The most stable AA/AA+ credit ratings Primary education is country in the world. from all major global the best in the world. country in the world rating agencies. Sustainable Development for 7 years in a row. World Economic Forum, The Solutions Network, World Global Competitiveness The Fund for Peace, Fragile Fitch, Moody’s, Happiness Report 2018 Report 2016-2017 States Index 2018 Standard&Poor’s 2nd 3rd 4th 10th The second most 4th best digital 10th most competitive mobile broadband The third wealthiest country in the world. competitiveness in economy in the world subscriptions per inhabitant the world in the world. Legatum Institute, The Word Economic Forum, The rd Legatum Prosperity th IMD World Digital th global competitiveness OECD, Digital Economy 3 Index 2017 4 Competitiveness 5 report 2017 Outlook 2017 5th best English The third best country 4th most innovative Ranking 2017 skills among the adults for business in Europe. country in the world. in the world. World Economic Forum, The European Chamber, Best Education First (EF), The Global Competitiveness European countries for world's largest ranking Report 2017–2018 business 2018 of countries by English skills Helsinki Sauna Day / Helsinki Marketing / Eetu Ahanen / Eetu / Helsinki Marketing Helsinki Sauna Day Photo: Chapter 2 The Finnish retail market Uhana / Finnish Design / Laura Vanzo Uhana / Finnish Design Laura Photo: Retail market is growing faster than the Eurozone on average The retail sales increased by 2.5 % in Finnish online retail sales amount to CONSUMER CONFIDENCE INDICATOR 2010-2018 2017. The food & beverage sector has approximately 7-10 % share of the total been growing fast almost the whole retail sales. E-commerce has increased 40 decade, by 6 % in 2017. rapidly, with an increase of 8 % in 2017. 30 Positive development of the whole Finnish consumers are tech savvy and inter- Finland retail sector is expected to continue in 2018 nationally oriented. About 50 % of the 20 and 2019. The latest forecasts for private population (aged 18-79 years) shop online Denmark consumption growth vary around 2 every month. More than 50 % of the online 10 Sweden %. clothing purchases are ordered from foreign 0,0 The national consumer condence online shops. Euro Area index has now reached the highest Sources: Eurostat, Statistics Finland, Finnish -10 levels in the measuring history of 30 Commerce Federation, Postnord years, which expectedly boosts the retail -20 market growth. -30 Source: Eurostat 2010 2011 2012 2013 2014 2015 2016 2017 2018 RETAIL, F&B AND GDP DEVELOPMENT 2010-2017 RETAIL AND F&B TURNOVER INDEX 2010-2016 130 126 8.6 % (2010=100) Finland F&B 125 5.9 120 115 4.8 Euro area F&B 4.44.3 4.1 115 3.8 3.7 3.6 108 3.0 Finland Retail 2.6 2.5 2.6 110 106 2.1 (non-food) 1.6 1.3 105 Euro area Retail -1.0 (non-food) -1.,4 0.2 -0.8 -0.6 -0.8 0.1 0.1 100 Source: Eurostat 2010 2011 2012 2013 2014 2015 2016 2017 95 Retail sales F&B sales GDP growth Source: Statistics Finland 2010 2011 2012 2013 2014 2015 2016 The Finnish retail market // 9 RETAIL SALES PER SEGMENT FOOD AND BEVERAGE SALES PER SEGMENT +2.5 % in 2017 +5.9 % in 2017 Food kiosks Catering Other 12 Bars & night clubs % 2% % 3% 2 Cafes 4% Leisure 3% Groceries Sport % 3 Workplaces 35 restaurants 15 Fashion 4% % % 47 Furnishing & % home decor 5% 46 6.2 Restaurants EUR billion EUR billion Electronics 6% 2016 2016 % Hardware 8 Department construction stores & hypermarkets 29 Fast-food % % Health 8 16 restaurants & beauty % Source: Statistics Finland Source: Statistics Finland ONLINE RETAIL GOODS +8 % in 2017 Other 16 Electronics % 27 Books, e-books % & magazines 4 % Furnishing & home decor 7 % 4.9 Health & EUR billion beauty 9 2017 % 26 % Sports, pets 11 Fashion & equipment % & footwear Source: Finnish Commerce Federation / Kantar TNS Sello shopping centre, Espoo Sello shopping centre, Photo: Opportunities for international retailers Scandinavian chains dominate the fashion and S Group, but German Lidl has increased its Photo: Ainoa shopping centre and sports market. Largest companies are market share. Swedish H&M, Norwegian Varner Group The presence of international retailers in and Danish Bestseller Group. International Finland has steadily grown in recent years. How- fashion companies in the market include ever, the share of international retailers in Inditex Zara and Massimo Dutti, New Yorker, Finland is still lower compared to the rest of Mango and Marks&Spencer.
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