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Key regions: Worldwide, China, United States, India, Japan
The DIY & Hardware Store Market in EAEU is facing minimal growth, due to factors such as low consumer spending and increasing competition. Despite the convenience of online services, consumers still prefer physical stores for items like tools & machines and bathroom hardware. High import tariffs on building materials also hinder market growth. However, the popularity of DIY projects and increasing home ownership rates may contribute to future growth.
Customer preferences: As the EAEU economy continues to expand and home ownership rates increase, there has been a noticeable shift towards DIY home improvement projects. This trend is driven by a desire for cost-effective solutions and a sense of accomplishment. Additionally, there is a growing preference for eco-friendly and sustainable products, reflecting a greater environmental consciousness among consumers. As a result, DIY & Hardware stores are now offering a wider range of environmentally friendly options, from energy-saving appliances to eco-friendly building materials.
Trends in the market: In the EAEU region, the DIY & Hardware Store Market is seeing a rise in online sales and omni-channel retailing. This trend is driven by the increasing use of e-commerce platforms and the growing popularity of DIY projects and home improvement activities among consumers. With the rise of virtual consultations and online services, industry stakeholders are focusing on enhancing their digital capabilities to cater to changing consumer shopping preferences. Additionally, the adoption of technology such as AI and AR is enabling DIY & Hardware stores to offer personalized and immersive shopping experiences. These trends are expected to continue shaping the market, providing opportunities for players to innovate and grow their businesses in the EAEU region.
Local special circumstances: In the EAEU region, the DIY & Hardware Store Market is heavily influenced by the traditional culture of do-it-yourself repairs and renovations. This cultural mindset drives the demand for various tools and building materials, making the market highly competitive with a wide range of local and international companies. Additionally, the geographical spread of the region poses logistical challenges for companies, leading to the development of online retail platforms and delivery services. Furthermore, different regulatory frameworks in each member state can affect market dynamics, requiring companies to adapt their strategies accordingly.
Underlying macroeconomic factors: The DIY & Hardware Store Market in the EAEU is impacted by macroeconomic factors such as economic stability, consumer spending, and government policies. Countries with stable economies and high consumer spending are likely to see increased demand for DIY and hardware products. On the other hand, countries with economic volatility and low consumer spending may experience slower growth in the market. Government policies, such as incentives for home improvement projects or regulations on building materials, can also have a significant impact on the DIY & Hardware Store Market within the EAEU. Additionally, the increasing trend towards DIY projects and the growing middle class in the region are contributing to the growth of this market.
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)