The DIY & Hardware Store market in the Philippines has seen slight growth, impacted by factors such as the slow adoption of digital technologies and lower consumer awareness of the convenience of online services.
Customer preferences: Consumers in the Philippines are increasingly favoring environmentally sustainable and locally sourced floor covering options, such as bamboo and coconut husk mats. This trend is driven by a growing awareness of the environmental impacts of traditional flooring materials, as well as a desire to support local businesses and industries. Additionally, there is a rising preference for DIY solutions and natural materials, reflecting a cultural appreciation for hands-on craftsmanship and holistic, eco-friendly lifestyles.
Trends in the market: In the Philippines, the DIY & Hardware Store Market is seeing a growing demand for eco-friendly and sustainable floor covering options. This trend is driven by increasing awareness of environmental issues and a desire for more natural and durable materials. As a result, there has been a rise in the availability of bamboo, cork, and reclaimed wood flooring in hardware stores. This trend is expected to continue, with a potential shift towards even more eco-friendly options such as recycled plastic flooring. This presents an opportunity for industry stakeholders to cater to this growing demand and offer more sustainable choices to consumers.
Local special circumstances: In the Philippines, the Floor Covering market within the DIY & Hardware Store market is heavily influenced by the country's rapidly urbanizing population. As more Filipinos move into cities, demand for affordable and convenient flooring options has increased. Additionally, cultural preferences for wooden or woven flooring materials have led to a unique mix of products available in hardware stores. The country's tropical climate and frequent typhoons also affect market dynamics, as homeowners seek durable and weather-resistant floor coverings.
Underlying macroeconomic factors: The Floor Covering Market within the DIY & Hardware Store Market in Philippines is heavily influenced by macroeconomic factors such as consumer spending, GDP growth, and government policies. A stable and growing economy with rising disposable income has resulted in a growing demand for home renovation and improvement projects, leading to an increase in sales of floor coverings. In addition, favorable government initiatives to promote infrastructure development and housing construction have also contributed to the market growth. The recent shifts towards sustainable and eco-friendly products have further boosted the demand for floor coverings, as consumers become more conscious of their environmental impact. These macroeconomic factors are expected to continue driving the growth of the Floor Covering Market in Philippines.
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)
