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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 Eastern Europe has witnessed slow growth due to a combination of factors such as low consumer spending, economic downturns, and a shift towards online shopping. Despite this, there is potential for growth in sub-markets such as Floor Covering and Tools & Machines, driven by increasing demand for home renovation and improvement projects. However, competition from e-commerce giants and changing consumer preferences towards sustainable and eco-friendly products might impact the overall market growth.
Customer preferences: As the economy in Eastern Europe continues to grow, consumers are becoming more interested in DIY and home improvement projects. Along with this rise in DIY culture, there is also a growing demand for high-quality tools and equipment, as well as eco-friendly and sustainable products. This trend is driven by a shift in consumer preferences towards more environmentally conscious options, as well as a desire for durability and longevity in their purchases. Additionally, there is a growing trend towards online shopping for DIY supplies, with consumers looking for convenience and accessibility in their purchases. This shift towards online shopping is also influenced by the increasing use of e-commerce platforms and social media for product research and inspiration.
Trends in the market: In Eastern Europe, the DIY & Hardware Store market is experiencing a shift towards online shopping, with consumers increasingly turning to e-commerce platforms for their home improvement needs. This trend is driven by the convenience of online shopping, as well as the availability of a wider range of products and competitive pricing. Additionally, there is a growing interest in sustainable and eco-friendly products, leading to an increase in demand for environmentally friendly options in the DIY & Hardware Store market. These trends are significant for industry stakeholders as they require a greater focus on digitalization and environmentally conscious practices. As online shopping continues to gain popularity, brick-and-mortar stores may face challenges in maintaining their customer base, and thus may need to adapt their strategies to include online channels. Moreover, the demand for sustainable products presents an opportunity for businesses to cater to a growing market and align with consumer values. Overall, these trends suggest a need for innovation and adaptation in the DIY & Hardware Store market in order to remain competitive in the ever-evolving landscape.
Local special circumstances: In Eastern Europe, the DIY & Hardware Store Market is heavily influenced by the region's economic and political transition over the past few decades. With a mix of emerging and developed markets, there is a wide range of consumer preferences and purchasing power. Additionally, cultural differences and language barriers play a significant role in shaping consumer behavior. This has led to the emergence of local DIY and hardware store chains, specifically targeting the needs of their respective communities. In some countries, regulations related to construction and home improvement also impact the market, with varying levels of enforcement and compliance. These local factors create a unique landscape for the DIY & Hardware Store Market in Eastern Europe, with opportunities and challenges that are distinct from other regions.
Underlying macroeconomic factors: The DIY & Hardware Store market in Eastern Europe is greatly influenced by macroeconomic factors such as economic stability, consumer confidence, and government policies. Countries with stable economies, favorable business climate, and supportive fiscal policies are experiencing higher growth in the market. On the other hand, regions with economic challenges and political instability are facing slower market growth due to lower consumer spending and business investments. Additionally, the increasing awareness and adoption of eco-friendly and sustainable products in the construction and home improvement sectors are also contributing to the growth of the DIY & Hardware Store market in Eastern Europe.
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)