The Floor Covering Market in the GCC nan is experiencing minimal growth, influenced by factors like low consumer awareness and limited digital adoption in this region, despite the convenience of online DIY and hardware stores.
Customer preferences: Consumers in the GCC region are increasingly embracing the DIY trend, opting to decorate and renovate their homes themselves instead of hiring professionals. This has led to a growing demand for high-quality, easy-to-use floor covering products in DIY and hardware stores. Additionally, there is a rising preference for eco-friendly and sustainable materials, with consumers being more conscious about their environmental impact. As such, DIY and hardware stores are expanding their range of eco-friendly floor coverings to cater to this growing trend.
Trends in the market: In the GCC and Floor Covering Market within the DIY & Hardware Store Market, there is a current trend towards eco-friendly and sustainable flooring options. With increased consumer awareness and demand for environmentally conscious products, there is a growing availability of flooring materials made from natural and recycled materials. This trend is expected to continue, as governments in the region implement policies supporting sustainable practices. Industry stakeholders, including retailers and suppliers, need to align their offerings with this trend to stay competitive and attract environmentally conscious consumers.
Local special circumstances: In the GCC region, the Floor Covering Market within the DIY & Hardware Store Market is influenced by the strong demand for personalized home decor solutions. This is due to the region's diverse cultural backgrounds and affluent consumer base. In addition, the region's harsh climatic conditions also play a significant role in driving the demand for specific types of floor coverings. Moreover, strict building regulations and growing environmental concerns have led to the adoption of eco-friendly and sustainable flooring options in the GCC market.
Underlying macroeconomic factors: The growth of the Floor Covering Market within the DIY & Hardware Store Market is shaped by macroeconomic factors such as consumer spending, interest rates, and housing market conditions. In countries with strong economic growth and low interest rates, consumers have more disposable income to spend on home improvement projects, leading to higher demand for floor covering products. Additionally, a positive housing market with rising home sales and construction activity also contributes to the growth of the market, as homeowners are more likely to invest in upgrading their floors. Conversely, in countries with economic downturns or high interest rates, the demand for floor covering products may decrease, as consumers prioritize essential expenses over home improvement projects.
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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