The DIY & Hardware Store Market in Ethiopia has seen minimal growth due to several factors including low consumer spending and limited access to digital technologies. Despite rising awareness about the importance of floor coverings, the market is still hindered by economic challenges.
Customer preferences: The DIY & Hardware Store Market is witnessing a growing demand for eco-friendly and sustainable floor covering options as consumers become more conscious of their environmental impact. This trend is further fueled by the increasing availability of sustainable materials and the government's initiatives towards promoting green building practices. Additionally, urbanization and the rise of apartment living have led to a preference for easy-to-install, low maintenance floor coverings such as vinyl and laminate.
Trends in the market: In Ethiopia, the Floor Covering Market within the DIY & Hardware Store Market is experiencing a trend towards eco-friendly and sustainable flooring options. This is in line with global trends, with environmentally conscious consumers driving demand for products such as bamboo, cork, and reclaimed wood flooring. As a result, there is a growing number of suppliers offering these products, and industry stakeholders are taking notice. This trend not only aligns with global sustainability goals, but also presents potential growth opportunities for businesses that prioritize environmentally friendly products. Additionally, this trend may also lead to increased competition and price pressures for traditional flooring options, forcing businesses to adapt and innovate.
Local special circumstances: In Ethiopia, the Floor Covering Market within the DIY & Hardware Store Market is heavily influenced by the country's agricultural economy and its impact on consumer spending. The market is also shaped by the country's rugged terrain, which limits transportation and distribution channels. Additionally, cultural traditions play a significant role in consumer preferences for natural and traditional materials, such as woven rugs and mats. The regulatory environment in Ethiopia also has an impact, with government restrictions on the import and sale of certain materials, such as carpets made from animal hides, influencing the supply and demand within the market.
Underlying macroeconomic factors: As the Ethiopia economy grows and consumer spending increases, the Floor Covering Market within the DIY & Hardware Store Market is expected to see a rise in demand. This growth can also be attributed to macroeconomic factors such as urbanization, rising disposable income, and a growing middle class. Additionally, the market growth is supported by government initiatives to promote affordable housing and improve housing standards. Moreover, with the increasing trend of do-it-yourself projects and a growing interest in home renovation, the demand for floor covering products is likely to increase in the coming years.
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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