The Hardware & Building Materials market in the DIY & Hardware Store industry in Ghana is experiencing sluggish growth due to factors such as low consumer spending, minimal demand for renovation and construction projects, and limited availability of raw materials.
Customer preferences: Consumers in Ghana are becoming more interested in eco-friendly and sustainable building materials, with a growing focus on environmentally-friendly options. This reflects a cultural emphasis on being environmentally-conscious and a desire to reduce the impact of construction on the natural environment. Additionally, there has been an increase in demand for locally-sourced materials, as consumers prioritize supporting local businesses and reducing carbon emissions from transportation. This shift towards sustainable and local building materials is likely to continue as consumers become more conscious of the environmental impact of their purchasing decisions.
Trends in the market: In Ghana, the Hardware & Building Materials Market within the DIY & Hardware Store Market is experiencing a surge in online sales and home delivery services, as consumers increasingly turn to e-commerce for their hardware needs. This trend is driven by the growth of the digital economy in the country and the availability of mobile payment options. Additionally, there is a rising demand for environmentally sustainable building materials, leading to the introduction of eco-friendly options by industry players. This trend is significant as it reflects the changing consumer preferences and presents opportunities for businesses to tap into the growing market for green products. However, it also poses challenges for traditional brick-and-mortar stores to adapt to the changing landscape and stay competitive in the market.
Local special circumstances: In Ghana, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's geographical location and cultural norms. The lack of infrastructure and transportation challenges in certain regions make it difficult to access building materials, creating a demand for local hardware stores. Additionally, the emphasis on DIY culture and self-sustenance in Ghanaian society leads to a preference for affordable, long-lasting building materials that can withstand the country's climate and frequent power outages. This unique combination of factors plays a significant role in shaping the dynamics of the hardware and building materials market in Ghana.
Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Ghana is heavily impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. As a developing country, Ghana's economy is heavily influenced by its main industries, including construction and manufacturing. Fluctuations in global economic trends and national economic health can significantly affect the demand for hardware and building materials in the country. Additionally, fiscal policies such as taxes and regulations also play a crucial role in the market's performance, as they can impact the cost of production and consumer purchasing power.
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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