DIY & Hardware Store - Albania | Statista Market Forecast

In Albania, the revenue in the DIY & Hardware Store market reaches US$637.70m in 2024.
It is projected to experience an annual growth rate of 2.69% (CAGR 2024-2029).
Comparatively, China generates the highest revenue in this market segment, amounting to US$785bn in 2024.
When considering the population size, per person revenues of US$225.70 are generated in Albania in 2024.
The DIY & Hardware Store market in Albania is experiencing a surge in demand for home improvement products due to increased urbanization and a growing middle class.

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 and Hardware Store market in Albania has been experiencing slight growth due to factors such as increasing consumer demand for home improvement products, rising home ownership rates, and the convenience of online shopping. However, this growth is hindered by challenges such as limited disposable income, lack of advanced technology, and competition from traditional markets.

Customer preferences: Consumer preferences in Albania's DIY & Hardware Store Market are rapidly evolving, with a growing demand for sustainable and eco-friendly products. This trend is driven by a cultural shift towards environmental consciousness, as well as a desire for cost-effective and long-lasting solutions. Additionally, there is a growing preference for DIY projects and home improvement among younger demographics, who are looking for ways to personalize their living spaces and save money. These factors have led to a rise in sales of products like energy-efficient appliances, reusable building materials, and locally sourced products.

Trends in the market: In Albania, the DIY & Hardware Store Market is experiencing a shift towards e-commerce, with more consumers turning to online platforms for their home improvement needs. This trend is expected to continue, as it offers convenience and a wider product selection. Additionally, there is a growing demand for sustainable and eco-friendly products, as consumers become more environmentally conscious. This could lead to an increase in the availability of eco-friendly products in hardware stores. Furthermore, the rise of social media and influencer marketing is also impacting the market, as consumers are influenced by DIY projects and home renovation ideas shared online. As a result, hardware stores may need to adapt their marketing strategies to align with these trends and cater to the changing consumer preferences.

Local special circumstances: In Albania, the DIY & Hardware Store Market is heavily influenced by the country's mountainous terrain and high rural population. These factors contribute to the demand for quality, durable tools and materials for home improvement projects. In addition, the growing trend of do-it-yourself projects is driven by the cultural value of self-sufficiency and saving money. Furthermore, the government's efforts to improve infrastructure and promote sustainable living have also led to a rise in demand for environmentally-friendly home improvement products. These unique local factors play a significant role in shaping the dynamics of the DIY & Hardware Store Market in Albania, setting it apart from other markets.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Albania is influenced by a variety of macroeconomic factors, including global economic trends, national economic health, fiscal policies, and financial indicators. For example, fluctuations in the global economy can impact consumer spending and confidence, affecting the demand for DIY and hardware products in Albania. Similarly, the overall health of the Albanian economy, as reflected in GDP, inflation rates, and unemployment rates, can also influence consumer behavior and market performance. Fiscal policies, such as tax rates, can also impact the affordability of DIY and hardware products for consumers. Finally, financial indicators, such as interest rates and exchange rates, can affect the cost of doing business for DIY and hardware store owners.

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.