The Lawn & Garden Market in the DIY & Hardware Store Market in South Korea is experiencing minimal growth, impacted by factors such as limited consumer interest and competition from traditional gardening methods. This trend is primarily due to cultural preferences and lack of awareness of digital tools in this market.
Customer preferences: As more people in South Korea are living in smaller urban spaces, there has been a discernible shift towards cultivating indoor gardens and using innovative solutions for vertical gardening. This trend is fueled by a growing appreciation for the benefits of green spaces, even in limited areas. Additionally, there has been a rise in demand for organic and sustainable products in the Lawn & Garden Market, as more consumers are becoming environmentally conscious and seeking out eco-friendly options for their homes and gardens.
Trends in the market: In South Korea, there is a growing trend of incorporating smart and connected technologies into lawn and garden products, such as robotic lawnmowers and smart irrigation systems. This trend is expected to continue, driven by the increasing demand for convenience and efficiency in gardening tasks. Additionally, there is a shift towards eco-friendly and sustainable gardening practices, with consumers showing a preference for products made from natural and organic materials. This trend has implications for industry stakeholders as there may be a need to adapt products and marketing strategies to cater to these changing consumer preferences.
Local special circumstances: In South Korea, the Lawn & Garden market within the DIY & Hardware Store Market is heavily influenced by the country's strong focus on urbanization and technology. As a result, many gardening and outdoor maintenance products are geared towards compact living spaces and efficiency. Additionally, regulations on pesticide usage and environmental conservation have led to a shift towards eco-friendly and sustainable gardening methods. Furthermore, the strong emphasis on aesthetics has driven the demand for high-quality and aesthetically pleasing outdoor products, such as fashionable furniture and outdoor décor.
Underlying macroeconomic factors: The Lawn & Garden Market within the DIY & Hardware Store Market in South Korea is impacted by macroeconomic factors such as overall economic health, government policies, and global economic trends. Favorable regulatory environments and investments in infrastructure are propelling the growth of this market in South Korea. Additionally, the increasing urbanization and rising disposable incomes of the country's population have led to a growing demand for DIY products, including lawn and garden supplies. Moreover, the increasing awareness of environmental sustainability and the rising trend of home gardening are also driving the growth of this market in South Korea.
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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