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Key regions: Worldwide, China, United States, India, Japan
The DIY & Hardware Store market in EU-27 is currently experiencing a negligible growth rate. This can be attributed to factors such as the increasing availability of online shopping options, the rising trend of home improvement and renovation projects, and the growing demand for eco-friendly and sustainable products. Other factors impacting the market include the availability of a wide range of options for floor coverings, paints, tools, and building materials, as well as the convenience offered by one-stop-shop retailers. Additionally, the market is also influenced by changing consumer preferences towards DIY projects and the increasing popularity of smart home technology.
Customer preferences: As the EU-27 region and the DIY & Hardware Store Market market continue to embrace sustainability, consumers are increasingly prioritizing environmentally-friendly products. With a growing focus on reducing waste and carbon footprint, there has been a rise in demand for sustainable and reusable materials for DIY projects. This trend is also driven by a shift towards more conscious consumption habits and ethical consumerism. As a result, retailers in the DIY & Hardware Store Market are incorporating eco-friendly options in their product offerings to cater to this growing consumer demand.
Trends in the market: In the EU-27, the DIY & Hardware Store Market is experiencing a surge in online sales, as more consumers turn to e-commerce for their home improvement needs. Additionally, there is a growing trend of DIY enthusiasts using social media platforms like Instagram and Pinterest for inspiration and project ideas. This shift towards digital platforms is changing the way consumers engage with hardware stores, with traditional brick-and-mortar stores facing increased competition. This trend is significant as it highlights the importance for industry stakeholders to invest in digital strategies and adapt to changing consumer behavior. It also presents opportunities for hardware stores to showcase their products and services to a wider audience through digital channels. However, it also raises potential challenges for smaller stores that may struggle to keep up with the pace of digital transformation. As such, it is crucial for industry stakeholders to carefully assess and adapt to these trends to remain competitive in the DIY & Hardware Store Market.
Local special circumstances: In Germany, the DIY & Hardware Store Market is heavily influenced by the country's strong DIY culture and the prevalence of home ownership. Additionally, there are strict regulations surrounding building and renovation projects, leading to a high demand for quality tools and equipment. In contrast, the UK market is characterized by a growing trend towards budget-friendly DIY projects and a preference for DIY chains over traditional hardware stores. This is influenced by a more competitive retail landscape and the UK's higher rate of urbanization, resulting in smaller living spaces and a focus on efficiency and cost savings.
Underlying macroeconomic factors: The DIY & Hardware Store market in EU-27 is heavily influenced by macroeconomic factors such as GDP growth, inflation rates, and consumer spending. Countries with stable economic growth and low inflation rates tend to see higher demand for DIY & Hardware products, as consumers have more disposable income to invest in home improvement projects. Additionally, fiscal policies such as tax incentives for home renovations and investments in infrastructure can also impact the market. Furthermore, global economic trends, such as the shift towards online shopping and the increasing demand for sustainable and eco-friendly products, are also shaping the DIY & Hardware Store market in EU-27.
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)