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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)
Key regions: Worldwide, China, United States, India, Japan
The DIY & Hardware Store market in Armenia is experiencing sluggish growth, primarily due to the limited market size and low consumer spending. Factors such as economic instability, political uncertainty, and the dominance of traditional brick-and-mortar stores contribute to the negligible growth rate. However, the increasing popularity of home improvement and renovation projects, as well as the availability of online purchasing options, offer potential for future growth in the market.
Customer preferences: As Armenia continues to modernize and develop, there is a growing trend towards DIY and home improvement projects among consumers. This is reflected in the rising demand for quality tools and building materials from hardware stores. Additionally, there is a shift towards eco-friendly and sustainable products, as consumers become more environmentally conscious. This trend is influenced by the country's growing awareness and concern for the environment, as well as the increasing availability of eco-friendly products in the market. This shift towards DIY and eco-friendly products is expected to continue as consumers prioritize cost-effective and environmentally responsible solutions for their homes.
Trends in the market: In Armenia, the DIY & Hardware Store Market is experiencing a rise in online shopping, with more consumers turning to e-commerce platforms for their DIY needs. This trend is driven by the increasing use of technology and the ease of access to a wide range of products. This shift towards online shopping is expected to continue, particularly in light of the current pandemic and the uncertainty surrounding in-store shopping. This presents both challenges and opportunities for industry stakeholders, as they strive to meet the changing demands of consumers and compete with online retailers. Additionally, there is a growing focus on sustainability and environmentally friendly products in the market, with consumers becoming more conscious of their impact on the environment. This trend is expected to continue, with greater emphasis on eco-friendly products, which could lead to a shift in the product offerings of DIY & Hardware stores. This presents opportunities for stores to differentiate themselves and cater to the evolving needs of consumers, but could also pose challenges in terms of sourcing and pricing. Overall, the current trends in the DIY & Hardware Store Market in Armenia demonstrate the need for adaptation and innovation in order to stay competitive and meet the changing demands of consumers.
Local special circumstances:
In Armenia, the DIY & Hardware Store market is heavily influenced by the country's geographical location. Being a landlocked country, Armenia relies heavily on imports for its hardware and building materials. The market is also shaped by the country's traditional DIY culture, where self-sufficiency and resourcefulness are highly valued. Additionally, the Armenian government's regulations on the import and sale of certain building materials have a significant impact on market dynamics. The market is also driven by the country's growing construction sector, as well as the increasing demand for sustainable and eco-friendly building solutions.
Underlying macroeconomic factors: The DIY & Hardware Store Market in Armenia is also affected by macroeconomic factors such as overall economic progress, government policies, and investment in infrastructure. Countries with a stable political environment and robust investment in infrastructure are witnessing more significant growth in the market compared to those with political uncertainties and limited investment in infrastructure. Moreover, the rising demand for home improvement projects and renovations due to the growing real estate sector and urbanization is driving the growth of the DIY & Hardware Store Market in Armenia.
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)