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The Hardware & Building Materials Market in Southern Africa's DIY & Hardware Store Market is facing a negligible decline in growth rate due to various factors. These include lower purchasing power, economic instability, and increased competition from alternative construction methods such as prefabricated structures.
Customer preferences: In Southern Africa, there has been a noticeable shift towards eco-friendly and sustainable building materials in the Hardware & Building Materials Market within the DIY & Hardware Store Market. This is due to a growing concern for the environment and a desire to reduce the carbon footprint of construction projects. Additionally, there has been an increased demand for DIY products and tutorials, as individuals seek to save money and add a personal touch to their home improvement projects. These trends are influenced by a younger, more socially and environmentally conscious consumer base, as well as a rise in remote work and a desire to create a more comfortable and functional living space at home.
Trends in the market:
In Southern Africa, the Hardware & Building Materials Market within the DIY & Hardware Store Market is experiencing a trend towards e-commerce and online retail. With the rise of digital platforms and the increasing use of smartphones, consumers are turning to online channels for their hardware and building materials purchases. This trend is expected to continue as more retailers and suppliers invest in online capabilities, making it easier and more convenient for customers to shop and compare prices. Additionally, there is a growing demand for sustainable and eco-friendly products, leading to an increase in the availability of eco-friendly building materials and products. This trend is significant as it reflects changing consumer preferences and presents opportunities for industry stakeholders such as retailers and suppliers to differentiate themselves and tap into new markets. However, it also brings implications for traditional brick-and-mortar stores, who may need to adapt and integrate online channels into their business models to remain competitive.
Local special circumstances: In Southern Africa, the Hardware & Building Materials Market within the DIY & Hardware Store Market is influenced by a multitude of factors. The region's geographical landscape, with its vast and diverse terrain, can impact the availability and demand for certain products. Additionally, cultural preferences and building regulations can also play a significant role in shaping the market dynamics. For example, in South Africa, there is a high demand for sustainable building materials due to the country's commitment to reducing carbon emissions. In contrast, in Zimbabwe, affordability is a crucial factor driving market growth, leading to the popularity of low-cost building solutions.
Underlying macroeconomic factors:
The Hardware & Building Materials Market within the DIY & Hardware Store Market in Southern Africa is influenced by various macroeconomic factors. One of the key factors is the overall economic health of the region, which is impacted by global economic trends. National economic policies and fiscal measures also play a significant role in shaping the market. For instance, countries with favorable investment climates and government support for construction and home improvement projects are likely to experience a higher demand for hardware and building materials. Moreover, the increasing urbanization and population growth in the region are creating a need for better housing and infrastructure, further driving the demand for hardware and building materials.
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)