"The DIY & Hardware Store Market in Malaysia is experiencing a slow growth rate, affected by factors such as limited consumer interest, low purchasing power, and preference for traditional brick-and-mortar stores over digital solutions. Despite this, the market continues to offer convenience and a wide range of products for DIY enthusiasts."
Customer preferences: Consumers in Malaysia have shown an increasing interest in DIY home improvement projects, resulting in a growing demand for paint, wallpaper, and other supplies. This can be attributed to the rise in popularity of home renovation and interior design shows on television and social media. Additionally, there has been a shift towards eco-friendly and sustainable products, with consumers opting for low-VOC paints and recyclable wallpaper materials. This trend is indicative of a growing focus on environmentally-conscious and socially responsible choices.
Trends in the market: In Malaysia, the Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market is seeing a trend towards eco-friendly and sustainable products, such as low-VOC paints and biodegradable wallpaper options. This is driven by increasing consumer awareness and demand for environmentally-friendly choices. Industry stakeholders are making efforts to cater to this trend by offering a wider range of green products, which not only aligns with consumer preferences but also helps to reduce the industry's environmental impact. This trend is expected to continue, with potential implications for stakeholders in terms of product development and marketing strategies.
Local special circumstances: In Malaysia, the Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market is heavily influenced by the country's tropical climate and diverse cultural heritage. The demand for waterproof and durable paint products is high, and the market also caters to different design preferences and traditional aesthetics. Additionally, strict regulations and environmental concerns have led to the popularity of eco-friendly and low-VOC paint options. These factors contribute to the unique dynamics of the market in Malaysia.
Underlying macroeconomic factors: The Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market in Malaysia is impacted by various macroeconomic factors such as economic trends, government policies, and financial indicators. The market is influenced by the overall economic health of the country, including factors such as inflation rates, GDP growth, and consumer spending patterns. The performance of the market is also affected by global economic trends, including international trade agreements and fluctuations in currency exchange rates. Additionally, government fiscal policies such as tax incentives and subsidies can stimulate or hinder market growth. As a developing country, Malaysia has been experiencing steady economic growth, which has a positive impact on the Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market. The growing middle-class population and increasing urbanization in Malaysia further contribute to the market's growth, as demand for home renovation and improvement projects rises.
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)
