The Hardware & Building Materials Market in North Macedonia has shown minimal growth recently, influenced by factors such as lack of disposable income and slow infrastructure development. However, increased demand for DIY projects and rising construction activities are driving market growth.
Customer preferences: As consumer preferences continue to shift towards sustainability and eco-friendliness, there has been a rise in demand for environmentally-friendly building materials in the Hardware & Building Materials Market within the DIY & Hardware Store Market. This trend is driven by the growing awareness of the environmental impact of traditional building materials, as well as a desire for energy-efficient and cost-effective solutions. Additionally, the use of locally-sourced and natural building materials has become increasingly popular as consumers prioritize supporting small businesses and reducing carbon emissions.
Trends in the market: In North Macedonia, there is a growing trend towards online shopping within the Hardware & Building Materials Market, with an increase in the number of DIY & Hardware Stores developing e-commerce platforms. This trend is driven by the convenience and accessibility of online shopping, as well as the COVID-19 pandemic. As a result, industry stakeholders are investing in developing user-friendly and secure online shopping platforms to remain competitive and cater to the changing consumer behavior. Additionally, there is a rise in demand for sustainable and eco-friendly building materials, leading to an increase in the availability of these products in DIY & Hardware Stores. This trend is significant as it reflects the shift towards environmentally responsible and sustainable practices in the construction industry. Industry stakeholders need to adapt to these trends by offering a diverse range of environmentally sustainable products and investing in digital transformation to enhance the online shopping experience for consumers.
Local special circumstances: In North Macedonia, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's geography and cultural preferences. The mountainous landscape and harsh winters make durable building materials and DIY tools a necessity, leading to a strong demand for these products. Additionally, the country's culture values self-sufficiency and DIY projects, further driving the growth of this market. Regulatory factors, such as trade regulations and construction laws, also impact market dynamics in North Macedonia, making it a unique market compared to others.
Underlying macroeconomic factors: The performance of the Hardware & Building Materials Market within the DIY & Hardware Store Market in North Macedonia is largely influenced by macroeconomic factors such as economic stability, consumer spending power, and government policies. As the country continues to experience steady economic growth, with a projected GDP growth of 4.2% in 2021, there is a positive outlook for the market. Additionally, the government's emphasis on infrastructure development and construction projects is expected to drive the demand for hardware and building materials, creating further opportunities for market growth. However, fluctuations in global economic conditions and changes in government policies could potentially impact 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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