The Hardware & Building Materials market in the DIY & Hardware Store sector in Israel has been experiencing minimal growth rate, affected by factors such as limited consumer demand, economic slowdown, and intense competition from online retailers.
Customer preferences: As the demand for sustainable and eco-friendly options continues to rise, there is a noticeable shift in consumer preferences within the Hardware & Building Materials Market. More and more individuals are opting for environmentally friendly building materials and tools, such as recycled and energy-efficient products. This trend is driven by the growing awareness of the environmental impact of traditional construction methods and the desire to reduce carbon footprint. Additionally, with the increase in home improvement and DIY projects during the pandemic, consumers are also looking for more durable and long-lasting options in their purchases.
Trends in the market: In Israel, the Hardware & Building Materials Market within the DIY & Hardware Store Market is seeing a rising demand for sustainable and eco-friendly products. This trend is driven by consumers' growing awareness of environmental concerns and their desire for eco-friendly solutions. Additionally, the market is experiencing a shift towards online purchases, as more customers choose to shop online for convenience and safety during the pandemic. This trend is expected to continue, with the potential for a decrease in physical stores and an increase in e-commerce sales. Industry stakeholders will need to adapt to these changes and invest in online platforms to meet customer demands and stay competitive in the market.
Local special circumstances: In Israel, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's strict building codes and regulations. This creates a unique dynamic where consumers are more likely to purchase high-quality and durable products, as they are required to comply with these regulations. Additionally, the country's small size and population density lead to a demand for compact and efficient home improvement solutions. This has led to the popularity of specialty hardware and building material stores catering to these specific needs.
Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Israel is highly influenced by macroeconomic factors such as economic stability, government spending on infrastructure, and global economic trends. Israel's strong economic growth and stable political environment have led to increased investments in the construction sector, driving demand for hardware and building materials. Additionally, government initiatives to promote eco-friendly and sustainable building practices have also contributed to the growth of the market. The increasing population and urbanization in Israel also play a significant role in driving the demand for hardware and building materials, as more construction projects are undertaken to accommodate the growing population. Furthermore, Israel's robust fiscal policies and focus on innovation and technology also make it a favorable market for hardware and building materials manufacturers and retailers.
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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