The Hardware & Building Materials market in Kenya is seeing limited growth due to various factors such as slow adoption of digital technologies, lack of health awareness among consumers, and limited convenience offered by online services.
Customer preferences: The Hardware & Building Materials Market within the DIY & Hardware Store Market is witnessing a rise in demand for sustainable and eco-friendly products, as consumers become more conscious of the environmental impact of their purchases. With the Kenyan government's focus on sustainable development, there is a growing trend towards using locally sourced and recycled materials. Moreover, the influence of Western home improvement and DIY culture has led to a preference for modern and innovative products that offer convenience and efficiency.
Trends in the market: In Kenya, the Hardware & Building Materials Market within the DIY & Hardware Store Market is experiencing a surge in e-commerce, with more consumers turning to online channels for their hardware and building supply needs. This trend is expected to continue as the country's digital infrastructure improves and more people have access to the internet. Additionally, there is a growing demand for environmentally friendly and sustainable building materials, leading to an increase in the availability of green products in the market. This trend is significant as it reflects a shift towards more conscious and responsible consumer behavior. It also presents opportunities for industry stakeholders to tap into the growing demand for sustainable products and services in the market.
Local special circumstances:
In Kenya, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's unique geographical landscape. With a large rural population and limited access to traditional brick and mortar stores, there is a growing demand for online purchasing and delivery services. Additionally, Kenya's culture of DIY and self-sufficiency has led to a strong demand for affordable building materials and tools, driving the growth of local hardware stores. Furthermore, government regulations that promote sustainable building practices have also shaped the market, with a focus on eco-friendly and affordable products. These factors differentiate the Kenyan market from others, making it a unique and dynamic landscape for the Hardware & Building Materials Market within the DIY & Hardware Store Market.
Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Kenya is heavily influenced by macroeconomic factors such as the country's economic health, government fiscal policies, and global economic trends. For instance, a stable and growing economy with favorable fiscal policies can lead to increased consumer confidence, resulting in higher spending on home improvement and building materials. Additionally, global economic trends such as fluctuations in commodity prices can also impact the market, as these prices affect the costs of raw materials used in the manufacturing of hardware and building materials. Political stability, inflation rates, and currency exchange rates also play a crucial role in determining market 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.
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