The DIY & Hardware Store Market in CIS nan has seen negligible growth due to factors such as a decline in consumer confidence and a shift towards online shopping. The Floor Covering Market is impacted by changing consumer preferences and rise of e-commerce.
Customer preferences: The Floor Covering Market within the DIY & Hardware Store Market is experiencing a shift towards eco-friendly and sustainable options as consumers become more environmentally conscious. This trend is driven by a growing preference for products made from natural materials, as well as an increasing demand for products that are durable and long-lasting. Additionally, there has been a rise in DIY projects and home renovations, as people spend more time at home due to the pandemic, leading to an increased demand for floor coverings and home improvement supplies.
Trends in the market: In the DIY & Hardware Store Market for Floor Coverings, there is a noticeable increase in demand for eco-friendly and sustainable flooring options. With more consumers becoming environmentally-conscious, there is a growing trend of using materials such as bamboo, cork, and reclaimed wood for flooring. This trend is expected to continue as more DIY stores offer eco-friendly options and major flooring manufacturers expand their product lines to meet this demand. This shift towards environmentally-friendly products also has a significant impact on the supply chain, as suppliers are pressured to use sustainable sourcing and manufacturing methods. These trends serve as an opportunity for industry stakeholders to innovate and cater to the changing consumer preferences, but also pose potential challenges for traditional flooring materials and suppliers.
Local special circumstances: In Europe, the Floor Covering Market within the DIY & Hardware Store Market is influenced by strict regulations and standards for building materials and environmental sustainability. This has led to the popularity of eco-friendly and durable flooring options, such as bamboo or cork. In the US, the market is driven by the growing trend towards DIY home renovations and the high demand for easy-to-install flooring products. Moreover, the strong presence of major hardware store chains in the country has played a significant role in shaping the competitive landscape of the flooring market.
Underlying macroeconomic factors: The Floor Covering Market within the DIY & Hardware Store Market is heavily influenced by macroeconomic factors such as consumer spending, housing market trends, and construction activity. Economic downturns and fluctuations in consumer confidence can significantly impact demand for floor covering products, while steady economic growth and rising disposable incomes can spur market growth. Additionally, government policies such as tax incentives and subsidies for home renovations can also influence the demand for floor coverings. In the CIS region, economic growth is expected to drive demand for construction materials, including floor coverings, with countries like Russia and Turkey experiencing significant growth in the DIY and hardware store 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.
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