The Floor Covering Market in the DIY & Hardware Store Market in LATAM nan has been facing minimal growth, influenced by factors such as low consumer demand, economic instability, and limited product innovation. Despite this, digital technologies are being adopted to improve customer experience and convenience.
Customer preferences: With the rise of e-commerce and digital platforms, consumers in LATAM are increasingly turning to online channels for their DIY and hardware store needs, including for purchasing floor coverings. This is driven by the convenience and accessibility online platforms offer, as well as the growing preference for at-home shopping. Additionally, the growing trend towards DIY home improvement projects and home renovations is fueling demand for floor coverings in the region. As consumers become more knowledgeable and confident in DIY projects, they are increasingly turning to hardware stores for a variety of flooring options. This trend is expected to continue as consumers prioritize affordability and customization in their home improvement projects.
Trends in the market: In the DIY & Hardware Store Market in LATAM, the Floor Covering Market is experiencing a surge in demand for sustainable and eco-friendly products. This trend is driven by consumer awareness and preference for environmentally friendly materials. Additionally, there is a growing trend of customization and personalization in floor covering choices, with consumers seeking unique and individualized options. These trends are expected to continue in the coming years, presenting opportunities for industry stakeholders to tap into the growing demand for sustainable and personalized floor covering solutions.
Local special circumstances: In LATAM, the Floor Covering Market within the DIY & Hardware Store Market is heavily influenced by the region's diverse geographical landscape and varying cultural preferences. For example, in Mexico, the market is driven by the high demand for cost-effective and durable flooring options due to the country's hot and humid climate. In Chile, the DIY trend is gaining popularity, leading to an increase in demand for DIY-friendly flooring solutions. Additionally, in Brazil, government regulations for sustainability and energy efficiency are driving the demand for eco-friendly flooring materials.
Underlying macroeconomic factors: The performance of the Floor Covering Market within the DIY & Hardware Store Market in LATAM is significantly impacted by macroeconomic factors such as the overall economic growth, consumer confidence, and government policies. Countries with stable economic conditions and favorable policies, such as tax incentives and subsidies for home improvement projects, are experiencing higher demand for floor covering products. Additionally, the rising trend of DIY home renovations and the growing urban population in the region are contributing to the market's growth. On the other hand, economic downturns, currency fluctuations, and changes in consumer spending patterns can have a significant negative effect on the market's performance.
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)
