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Mon - Fri, 9am - 6pm (EST)
Key regions: Worldwide, China, United States, India, Japan
The DIY & Hardware Store Market in G20 has seen a slow growth rate, influenced by factors such as an increase in DIY projects due to stay-at-home measures, a rise in home improvement spending, and the convenience of online shopping. Additionally, the growing demand for environmentally-friendly products and the incorporation of technology in the DIY process have also impacted the market's growth.
Customer preferences: Consumers in the DIY & Hardware Store Market are increasingly seeking sustainable and eco-friendly products, as environmental consciousness and the desire to reduce waste become top priorities. This has led to a rise in demand for products made from recycled materials and those with minimal packaging. Additionally, the shift towards minimalist and decluttered living spaces has led to an increased focus on space-saving and multifunctional products. These evolving lifestyle factors have influenced the market to offer more sustainable and space-efficient options, catering to the growing demand for eco-friendly and minimalistic solutions.
Trends in the market: In the G20 countries, the DIY & Hardware Store Market market is experiencing a shift towards sustainable and eco-friendly products. Many consumers are becoming more environmentally conscious and are seeking out products that are made from recycled materials or have a low carbon footprint. This trend is expected to continue as governments and businesses prioritize sustainability. Additionally, there is a growing demand for DIY and home improvement tutorials and resources online, as more people turn to DIY projects during the pandemic. This trend presents opportunities for industry stakeholders to innovate and cater to the evolving needs of consumers.
Local special circumstances: In the DIY & Hardware Store Market market in G20 countries, there are various local factors that contribute to its unique dynamics. For instance, in China, the market is heavily influenced by the country's vast population and rapid urbanization, leading to a high demand for home renovation and improvement products. On the other hand, in Germany, there is a strong emphasis on sustainability and eco-friendly products, which has shaped the market's offerings. In the United States, the market is heavily influenced by consumer preferences for DIY projects, creating a demand for a wide range of tools and materials. Similarly, in Japan, the market is driven by the country's aging population and their need for accessibility and safety products for their homes.
Underlying macroeconomic factors: The growth of the DIY & Hardware Store market is heavily influenced by macroeconomic factors such as consumer confidence, disposable income, and housing market trends. Countries with stable economic growth, low unemployment rates, and high consumer spending are likely to see a higher demand for home improvement and renovation projects, thus driving the growth of the DIY & Hardware Store market. Additionally, government initiatives and tax policies that promote homeownership and home improvement can also have a positive impact on the market. Conversely, economic downturns and market instability can lead to a decrease in consumer spending and a decline in the DIY & Hardware Store 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.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)