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Key regions: Worldwide, China, United States, India, Japan
The DIY & Hardware Store market in Angola has seen moderate growth due to factors such as increasing demand for home improvement products, growing construction industry, and rising consumer spending on home renovation. However, the market growth rate is being impacted by challenges such as limited access to credit, high import costs, and competition from informal home improvement vendors.
Customer preferences: Consumers in Angola are increasingly turning to DIY and hardware stores as a cost-effective way to improve their homes and personalize their living spaces. With the rise of urbanization and growth in disposable income, there has been a shift towards "do-it-yourself" culture in the country. This trend is driven by a desire for convenience and affordability, as well as the sense of satisfaction that comes from completing a project independently. Additionally, with a growing interest in sustainability and eco-friendliness, consumers are seeking out eco-friendly and sustainable options for their DIY projects. This includes using materials and products that are environmentally friendly and energy-efficient. As a result, we can expect to see a growing demand for eco-friendly and sustainable products in the DIY and hardware store market in Angola.
Trends in the market: In Angola, the DIY & Hardware Store Market is seeing a rise in e-commerce due to the increasing use of digital platforms and smartphones. This trend is expected to continue as more consumers embrace online shopping and the convenience it offers. Additionally, there is a growing demand for eco-friendly and sustainable products, driving the popularity of green DIY projects. These trends have significant implications for industry stakeholders, as they must adapt to the changing consumer behaviors and offer innovative solutions to stay competitive in the market.
Local special circumstances: In Angola, the DIY & Hardware Store Market is heavily influenced by the country's geography and infrastructure. With limited road networks and transportation options, brick-and-mortar stores face logistical challenges in reaching customers in remote areas. As a result, e-commerce is gaining traction in the market, with online platforms providing a convenient way for customers to purchase tools and supplies. Additionally, cultural factors, such as the strong sense of community and reliance on traditional building methods, may present unique challenges and opportunities for DIY stores to cater to local preferences and needs. These local factors play a significant role in shaping the market dynamics in Angola.
Underlying macroeconomic factors: The DIY & Hardware Store Market in Angola is heavily impacted by macroeconomic factors such as the overall economic health of the country, government policies, and global economic trends. The performance of this market is closely tied to the country's GDP growth, inflation rates, and fluctuations in currency exchange rates. In recent years, Angola has witnessed a slowdown in economic growth due to low global oil prices and limited diversification of its economy. This has had a direct impact on consumer spending and the demand for DIY and hardware products. However, the government's efforts to diversify the economy and increase investment in infrastructure development are expected to drive market growth in the coming years. Additionally, the increasing urbanization and growing middle-class population in Angola are also influencing the market by creating a higher demand for housing and home improvement projects.
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)