The Paint, Wallpaper & Supplies Market in the DIY & Hardware Store Market in New Zealand has seen minimal growth due to factors such as limited demand, weak economic conditions, and the rise of online shopping. However, the market is expected to see a slow but steady increase in the future.
Customer preferences: Consumers in New Zealand are showing a growing preference for eco-friendly and sustainable painting and decorating options, driven by increasing awareness of environmental issues. This has led to a rise in demand for low or zero VOC (volatile organic compounds) paint and wallpaper products. Additionally, there has been a shift towards DIY projects in home improvement, fueled by changing lifestyles and a desire for cost-saving measures. This trend is expected to continue, as consumers prioritize environmentally-friendly options and take on more home improvement projects.
Trends in the market:
In New Zealand's Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market, there is a current trend towards sustainability and eco-friendly products. This is driven by increasing consumer awareness and demand for environmentally friendly options. Companies are responding by offering products made from recycled materials and low-VOC paints. This trend is expected to continue, with potential implications for industry stakeholders including increased competition and a shift towards more sustainable practices in the industry. Additionally, there is a growing trend towards online shopping for paint and wallpaper products, as consumers seek convenience and a wider variety of options. This presents opportunities for retailers to expand their online presence and offer virtual consultations for DIY projects.
Local special circumstances: In New Zealand, the Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market is influenced by a unique combination of factors. The country's remote location and small population have led to a focus on self-sufficiency and DIY culture. Additionally, strict environmental regulations promote the use of eco-friendly and low VOC products. These factors have created a demand for sustainable and budget-friendly options, leading to the popularity of locally-made paints and wallpaper. The market also benefits from New Zealand's growing tourism industry, as travelers often purchase souvenirs and home renovation supplies from DIY stores.
Underlying macroeconomic factors: The Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market in New Zealand is greatly impacted by macroeconomic factors such as consumer spending, exchange rates, and government policies. The country's stable economy, low unemployment rate, and increasing disposable income have boosted consumer confidence, leading to higher demand for DIY and home improvement products. The government's initiatives to support small businesses and the construction industry have also contributed to the growth of the market. In addition, New Zealand's strong investment in sustainable and eco-friendly building practices has led to a growing demand for environmentally friendly paints and wallpapers 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.
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