The Floor Covering Market in the DIY & Hardware Store Market in Kenya has seen minimal growth rate due to factors such as low consumer spending, economic instability and competition from alternative flooring options. However, the market is expected to experience slow growth in the future as consumer awareness and disposable income increase, and demand for home renovation projects rises.
Customer preferences: The increasing popularity of DIY home renovations and projects has led to a rise in consumer demand for sustainable and eco-friendly flooring options. Additionally, a growing awareness of the impact of traditional flooring materials on the environment has contributed to a shift towards more environmentally friendly options. This aligns with the overall trend of consumers prioritizing sustainability and seeking out greener product options. As a result, we can expect to see a rise in sales of sustainable flooring materials in the DIY & Hardware Store market in Kenya.
Trends in the market: In Kenya, the Floor Covering Market within the DIY & Hardware Store Market is seeing an increase in demand for eco-friendly and sustainable flooring options. This trend is in line with global concerns for environmental conservation and has been fueled by government initiatives promoting green building practices. As a result, industry stakeholders are incorporating these options into their offerings to stay competitive. Additionally, there is a growing preference for DIY installation, leading to a rise in online tutorials and video guides. This trend is expected to continue, with potential implications for traditional flooring retailers who may need to adapt their business models to cater to customer demands for sustainable and easy-to-install options.
Local special circumstances:
In Kenya, the Floor Covering Market within the DIY & Hardware Store Market is heavily influenced by the country's rapidly growing construction industry. With a high demand for housing and infrastructure, there is a need for cost-effective and durable flooring solutions. Additionally, the market is driven by the cultural preference for natural and sustainable materials, leading to a rise in demand for eco-friendly floor coverings. Furthermore, the regulatory environment places an emphasis on quality and safety standards, shaping the market's product offerings and consumer purchasing decisions.
Underlying macroeconomic factors: The growth of the Floor Covering Market within the DIY & Hardware Store Market in Kenya is influenced by macroeconomic factors such as the country's economic growth, consumer spending, and government initiatives to promote the construction and housing industries. Factors such as rising urbanization, a growing middle class, and increasing disposable incomes are driving the demand for DIY and hardware products, including floor coverings. Moreover, the global economic recovery and the expansion of e-commerce platforms are expected to further boost the growth of the market in Kenya. Furthermore, the government's efforts to improve the business climate and infrastructure development are creating a conducive environment for companies to invest in the country's DIY and hardware 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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