The Lawn & Garden market in Sri Lanka's DIY & Hardware Store industry is experiencing slow growth, affected by factors like the country's economic instability, limited disposable income of consumers, and lack of awareness about DIY gardening. Despite the potential for digital tools to boost growth, the market is struggling to see significant progress.
Customer preferences: As Sri Lankan consumers become more environmentally conscious, there has been a growing trend towards sustainable gardening practices and the use of eco-friendly products in the Lawn & Garden Market. Additionally, with rising urbanization and smaller living spaces, there has been an increase in demand for compact and space-saving gardening solutions. This shift is also influenced by the younger generation's interest in gardening as a hobby, leading to a demand for DIY kits and tools in the DIY & Hardware Store Market. The desire for self-sufficiency and a sense of accomplishment has led to a surge in interest in home gardening and the purchase of gardening supplies, driving the overall growth of the market.
Trends in the market: In Sri Lanka, the Lawn & Garden Market within the DIY & Hardware Store Market is experiencing a surge in demand for eco-friendly and sustainable products. Consumers are becoming more environmentally conscious and are opting for products such as organic fertilizers, natural pest repellents, and water-saving irrigation systems. This trend is expected to continue as the government promotes environmental conservation and encourages the use of green products. This poses an opportunity for industry stakeholders to tap into the growing market for eco-friendly lawn and garden products and services. Additionally, with the rise in urbanization and smaller living spaces, there is a growing trend towards vertical gardening and indoor gardens. This presents potential for hardware and DIY stores to offer specialized products and services catering to this market segment.
Local special circumstances: In Sri Lanka, the Lawn & Garden Market within the DIY & Hardware Store Market is heavily influenced by the country's unique cultural and regulatory circumstances. The climate and geography play a significant role in the types of products and services offered, with a focus on tropical plants and outdoor living spaces. The government's push for eco-friendly practices and sustainable gardening is also a strong driver of market growth. Additionally, a growing middle class is fueling demand for convenient and affordable lawn and garden solutions, leading to the popularity of online shopping and DIY tutorials.
Underlying macroeconomic factors:
The growth of the Lawn & Garden Market within the DIY & Hardware Store Market in Sri Lanka is heavily influenced by macroeconomic factors such as economic stability, population growth, and government support. As the global economy continues to recover from the COVID-19 pandemic, consumer confidence and spending are expected to increase, driving the demand for home improvement and gardening products. Additionally, Sri Lanka’s strong agricultural sector and growing population are key determinants of the country’s DIY and hardware market, creating a conducive environment for growth. The government’s investment in infrastructure development and initiatives to promote home gardening further support the growth of the Lawn & Garden Market within the DIY & Hardware Store Market in Sri Lanka.
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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