The DIY & Hardware Store Market in Sri Lanka is experiencing minimal growth, influenced by factors such as declining consumer spending and infrastructure challenges. Despite this, the market continues to see demand for building materials and hardware due to ongoing construction projects and home renovations.
Customer preferences: The DIY and hardware store market in Sri Lanka has experienced a notable shift in consumer preferences towards eco-friendly and sustainable building materials. This trend is driven by an increasing awareness and appreciation for environmental conservation and sustainability efforts. Additionally, there has been a rise in demand for environmentally friendly home improvement and construction products, as consumers look for ways to reduce their carbon footprint and contribute to a greener future. This shift is also supported by the government's initiatives to promote sustainable building practices and reduce the country's carbon emissions.
Trends in the market: In Sri Lanka, the DIY & Hardware Store Market is experiencing a surge in demand for sustainable and eco-friendly building materials. This trend is driven by consumer awareness and government initiatives promoting green building practices. In addition, there is a growing preference for locally sourced and affordable building materials, as well as an increase in DIY home renovation projects. This trend is expected to continue, and industry stakeholders will need to adapt to meet the changing demands of their customers. Furthermore, the use of technology, such as virtual consultations and online ordering, is also on the rise in this market, providing convenience and efficiency for both retailers and consumers. As such, the integration of technology in the hardware and building materials market is likely to become a key factor for success in the future.
Local special circumstances:
In Sri Lanka, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's unique cultural and geographical factors. The island nation's increasing urbanization and growing middle class population have fueled the demand for affordable housing, leading to a rise in home improvement and construction activities. Additionally, Sri Lanka's strict regulatory policies and import restrictions have sparked a shift towards locally sourced building materials, creating new opportunities for domestic suppliers. These factors, along with the country's favorable climate for outdoor projects, make the Sri Lankan market a lucrative one for hardware and building materials.
Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Sri Lanka is also influenced by macroeconomic factors such as the country's economic growth and fiscal policies, as well as global economic trends. Sri Lanka's recent economic growth has led to rising disposable incomes and increased consumer spending, driving demand for DIY and hardware products. The government's supportive fiscal policies, such as tax incentives and subsidies for the construction industry, have also contributed to the growth of the hardware and building materials market in the country. However, fluctuations in global economic conditions and currency exchange rates can impact the cost of materials and ultimately affect the market's performance. Additionally, the country's emphasis on infrastructure development and urbanization can drive demand for building materials, creating opportunities in the market.
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)
