Between 2020 and 2021, the Hardware & Building Materials segment saw an increase in global retail sales. This was, in large part, due to COVID-19 lockdown restrictions that required people to stay at home. These restrictions gave many people the time to shift their focus to home repair and renovation projects, resulting in an increased demand for hardware and building materials. However, global supply chain issues created difficulties for many hardware retailers as it became increasingly difficult for them to meet the surge in demand from consumers.
In 2022, the Hardware & Building Materials segment saw a rapid decline in sales due to the rising cost of living worldwide. Many countries have put measures in place to reduce the pressure of inflation, which are already yielding results. In 2023, we predict a steady decrease in consumer prices and an increase in demand for hardware and building materials, which will be led by the many people who put off their home renovation projects in 2022 because of the higher consumer prices. One of the biggest obstacles to this segment's growth is rising mortgage rates, which could inhibit demand for owner-occupied homes.
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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