The ASEAN nan DIY & Hardware Store Market is facing negligible growth due to factors such as limited consumer awareness and preference for traditional methods. Online services and digital technologies have yet to gain significant traction in the Floor Covering Market.
Customer preferences: Increase in demand for environmentally-friendly and sustainable flooring options is a noticeable trend among consumers in the Floor Covering Market within the DIY & Hardware Store Market. As awareness around environmental impact and sustainability grows, customers are seeking out products that are ethically sourced and have a minimal carbon footprint. This shift is also impacted by changing demographics, as younger generations tend to prioritize sustainable options in their purchasing decisions. DIY and hardware stores are adapting by offering a wider range of eco-friendly flooring materials to cater to this growing demand.
Trends in the market: In the DIY & Hardware Store Market in ASEAN, the Floor Covering Market is experiencing a rise in demand for sustainable and eco-friendly flooring options. This trend is driven by increasing awareness and concern for the environment, as well as government regulations promoting sustainable development. As a result, DIY and hardware stores are expanding their product offerings to include more eco-friendly flooring options, such as bamboo and cork. This trend is expected to continue, as consumers become more environmentally conscious and seek out sustainable products. This presents an opportunity for industry stakeholders to differentiate themselves and cater to the growing demand for eco-friendly options. Additionally, it highlights the importance of staying up-to-date with changing consumer preferences and adapting to market trends.
Local special circumstances: In ASEAN, the Floor Covering Market within the DIY & Hardware Store Market is influenced by the region's diverse cultural and geographical factors. In Indonesia, the largest market in the region, traditional woven floor coverings such as batik and songket remain popular, while Singapore has a growing demand for eco-friendly and sustainable flooring options. Additionally, regulatory efforts to promote sustainable and environmentally-friendly building materials in Thailand and Malaysia have also influenced consumer preferences in the Floor Covering Market.
Underlying macroeconomic factors: The DIY & Hardware Store Market in ASEAN has been heavily impacted by macroeconomic factors such as economic growth, inflation rates, and consumer purchasing power. The overall economic health of ASEAN countries, as well as global economic trends, have a major influence on the Floor Covering Market within the DIY & Hardware Store Market. Additionally, fiscal policies, government regulations, and financial indicators such as interest rates and exchange rates play a crucial role in shaping market performance. Countries with strong economic growth and stable fiscal policies are likely to experience higher demand for floor covering products in DIY and hardware stores, due to increased consumer purchasing power and willingness to invest in home improvement projects. On the other hand, countries with economic instability, high inflation rates, and unfavorable fiscal policies may experience slower market growth and limited consumer demand.
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)
