DIY & Hardware Store - Bulgaria

Bulgaria

In Bulgaria, the revenue in the DIY & Hardware Store market reaches US$1,201.00m in 2024.
It is projected to experience an annual growth rate of 3.62% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue, amounting to US$785bn in 2024.
Considering the total population, per person revenues of US$181.50 are generated in Bulgaria in 2024.
Bulgaria's DIY & Hardware Store market is experiencing a surge in demand for eco-friendly and sustainable products, reflecting the country's growing emphasis on environmentally conscious living.

Key regions: Worldwide, China, United States, India, Japan

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.

Market

Region

Region comparison

Currency

Analyst Opinion

The DIY & Hardware Store Market in Bulgaria is experiencing negligible growth due to economic challenges and increasing competition. Factors such as shifting consumer preferences towards DIY projects, growing demand for sustainable products, and the convenience of online shopping are driving the market. Additionally, the sub-markets of floor covering, paint, tools, and building materials are contributing to the overall growth. However, lack of investment in infrastructure and limited availability of high-quality products are hindering the market's potential growth.

Customer preferences: As the concept of home improvement gains popularity among Bulgarian consumers, there has been a notable increase in demand for eco-friendly and sustainable products in the DIY and hardware store market. This can be attributed to the growing awareness of environmental impact and a shift towards more mindful consumption habits. Additionally, with the rise of social media platforms and influencer culture, there is a growing trend of DIY enthusiasts sharing their projects and recommendations, further driving the demand for eco-friendly options.

Trends in the market: In Bulgaria, the DIY & Hardware Store Market is seeing a rise in online shopping for home improvement products, driven by convenience and cost savings. Additionally, there is a growing trend of environmentally-friendly products, as consumers become more aware of sustainability. These trends are expected to continue, with the potential for further digitalization and innovation in the industry. This presents opportunities for stakeholders to adapt and cater to changing consumer demands, while also ensuring sustainability practices are implemented to meet market expectations.

Local special circumstances: In Bulgaria, the DIY & Hardware Store Market is influenced by the country's relatively small size and population, resulting in a limited market for these products. Additionally, cultural preferences for traditional handiwork and skilled labor may hinder the growth of DIY and hardware stores. However, the market is also driven by government promotion of sustainable building practices and a growing interest in home improvement projects. These unique local factors shape the demand for DIY and hardware products in Bulgaria and differentiate it from other markets.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Bulgaria is impacted by macroeconomic factors such as overall economic stability, consumer spending, and government policies. With the country's steady economic growth and increasing disposable income among its population, there is a growing demand for DIY and hardware products. Additionally, favorable government policies that support small businesses and entrepreneurship have contributed to the growth of the market. The recent rise in home renovations and improvement projects due to the COVID-19 pandemic has also driven the demand for DIY and hardware products in the country.

Methodology

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.