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Mon - Fri, 9am - 6pm (EST)
Key regions: Worldwide, China, United States, India, Japan
The DIY & Hardware Store Market in Eastern Asia is facing slow growth due to factors such as limited consumer awareness and preference for traditional shopping methods. The market is also impacted by the availability of cheaper alternatives and increasing competition from online retailers. However, there is potential for growth in sub-markets like Floor Covering and Tools & Machines with the rising demand for home renovation and improvement projects. Government initiatives to promote DIY culture and increasing disposable income of the middle-class population could also contribute to the market's growth in the future.
Customer preferences: Consumers in Eastern Asia are increasingly turning to DIY and hardware stores for home improvement and repair needs, driven by a growing trend towards self-sufficiency and cost-effectiveness. This is particularly prevalent among younger generations who view DIY projects as a form of self-expression and a way to create personalized living spaces. Additionally, the rise of online DIY communities and tutorials has made it easier for consumers to learn and execute DIY projects, further boosting the demand for DIY supplies and tools.
Trends in the market: In Eastern Asia, the DIY & Hardware Store Market is experiencing a surge in online sales, as customers turn to e-commerce platforms for their home improvement needs. This trend is driven by the increasing use of smartphones and the availability of convenient mobile payment options. Additionally, there is a growing focus on sustainability, with a demand for eco-friendly and energy-efficient products. This has led to the emergence of DIY stores that specialize in green products, catering to the environmentally conscious consumer. These trends have significant implications for traditional brick-and-mortar hardware stores, as they must adapt to the changing landscape to remain competitive. The trajectory of these trends shows no signs of slowing down, indicating a need for industry stakeholders to prioritize digital strategies and eco-friendly offerings.
Local special circumstances: In Eastern Asia, the DIY & Hardware Store market is influenced by a strong DIY culture, where individuals prefer to fix things themselves rather than hire a professional. This is supported by a large number of affordable home improvement products available locally. Additionally, government regulations promoting eco-friendly and sustainable living have led to the popularity of DIY solutions. The market is also impacted by the region's diverse climate and geography, with a high demand for different types of tools and materials to suit specific environmental conditions.
Underlying macroeconomic factors: The DIY & Hardware Store Market market in Eastern Asia is heavily influenced by macroeconomic factors such as economic stability, consumer spending power, and government policies. Countries with a stable economy and strong purchasing power have a higher demand for DIY and hardware products, leading to market growth. In addition, favorable government policies that promote home improvement and construction projects also contribute to market growth. On the other hand, countries with economic instability and lower consumer spending power may experience slower market growth. Furthermore, global economic trends, such as changes in raw material prices and currency fluctuations, can also impact the performance of the DIY & Hardware Store Market in Eastern Asia.
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)