DIY & Hardware Store - Serbia

Serbia

In Serbia, the DIY & Hardware Store market is projected to generate a revenue of US$405.20m in 2024.
The market is anticipated to experience an annual growth rate of 3.22% (CAGR 2024-2029).
When compared globally, in China leads the pack with a revenue of US$785bn in 2024.
Considering the total population, the per person revenue in Serbia is estimated to be US$57.09 in 2024.
Serbia's DIY & Hardware Store market is experiencing a surge in demand as more individuals opt for home improvement projects during the COVID-19 pandemic.

Key regions: Worldwide, China, United States, India, Japan

Definition:

The DIY (Do-It-Yourself) market refers to the retail market for products used in home improvement and repair projects, such as tools, hardware, building materials, and lawn and garden products. These products are marketed to consumers who want to perform home improvement projects on their own rather than hire a professional. The DIY market provides consumers with the materials and tools they need to complete projects ranging from simple repairs to complete renovations, allowing them to save money and express their creativity in their living spaces.

Structure:

The market is divided into seven different segments:

The Paint, Wallpaper & Supplies segment includes products used for interior and exterior decoration, renovation, and protection of residential buildings.
The Tools & Machines segment consist of products used for construction, maintenance, and repair tasks.
The Hardware & Building Materials segment includes a diverse range of products that play an important role in the structure, safety, and functionality of a building.
The Lawn & Garden segment encompasses products that help homeowners and landscapers to create and maintain attractive and functional outdoor living spaces.
The Heating & Cooling segment focuses on produts that help regulate indoor temperatures, ensuring comfort, energy efficiency, and air quality in homes.
The Bathroom Hardware segment includes products designed to enhance the functionality and appearance of bathrooms.
The Floor Covering segment encompasses products that serve to protect the floor, enhance the appearance of the room, provide insulation and comfort, and can add value to a property.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Market

Region

Region comparison

Currency

Analyst Opinion

The DIY & Hardware Store Market in Serbia is currently experiencing negligible growth, influenced by a range of factors such as increasing availability of digital tools, growing consumer awareness of DIY projects, and the convenience of online shopping for home improvement supplies. The sub-markets of Floor Covering, Paint, Wallpaper & Supplies, Tools & Machines, Hardware & Building Materials, Lawn & Garden, Heating & Cooling, and Bathroom Hardware all contribute to the overall market.

Customer preferences: As the Serbian population becomes more environmentally conscious and budgets tighten, there has been a noticeable increase in DIY projects and preference for eco-friendly and sustainable building materials. Additionally, with the rise of social media and online influencers, consumers are increasingly turning to DIY and home renovation content for inspiration and guidance. This trend is likely to continue as people spend more time at home and seek to personalize their living spaces.

Trends in the market: In Serbia, the DIY & Hardware Store Market market is seeing a rise in e-commerce platforms, with more consumers turning to online shopping for home improvement needs. This trend is expected to continue as consumer behavior shifts towards convenience and safety amidst the ongoing pandemic. This presents opportunities for industry stakeholders to invest in digital marketing and online services to cater to the growing demand. Additionally, there is a growing trend of eco-friendly and sustainable products, driven by consumer awareness and government initiatives. This presents a potential shift towards a more environmentally-conscious market, urging industry players to adapt and offer more eco-friendly options.

Local special circumstances: In Serbia, the DIY & Hardware Store Market is heavily influenced by the country's geographical landscape. With a large rural population and limited access to major cities, there is a high demand for local hardware stores. Additionally, the country has a strong DIY culture, with a long history of self-sufficiency and resourcefulness. These factors have led to the proliferation of small, family-owned hardware stores across the country, creating a unique market dynamic compared to other countries. Moreover, the Serbian government has implemented regulations and incentives to support the growth of small businesses, further driving the popularity of DIY stores in the country.

Underlying macroeconomic factors: The DIY & Hardware Store market in Serbia is influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. The country's recent economic stability and increasing disposable income are driving consumer demand for home improvement products, leading to market growth. Additionally, the government's focus on infrastructure development and urbanization is expected to support the DIY market, as more construction and renovation projects require the use of hardware and tools. Furthermore, the global trend towards DIY and at-home projects, coupled with the rising popularity of sustainability and self-sufficiency, are expected to positively impact the DIY & Hardware Store market in Serbia.

Methodology

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.