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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)
Key regions: Worldwide, China, United States, India, Japan
The DIY & Hardware Store market in the United States is currently experiencing slow growth, influenced by factors such as a decline in consumer spending and a shift towards online shopping. Despite this, the market continues to see growth in sub-sectors such as floor covering and hardware. Rising competition from e-commerce giants and the availability of DIY tutorials online have also contributed to the market's modest growth rate.
Customer preferences: As the millennial population grows and makes up a larger portion of homeowners, there has been an increase in demand for eco-friendly and sustainable building materials and products. This trend is further amplified by the rise of the DIY movement, with consumers looking for ways to reduce costs and be more self-sufficient. Additionally, there is a growing interest in repurposing and upcycling materials for home improvement projects, reflecting a shift towards a more conscious and environmentally-friendly lifestyle.
Trends in the market: In the United States, the DIY & Hardware Store Market is seeing a surge in e-commerce sales, with more consumers opting for online purchasing options amidst the COVID-19 pandemic. This trend is expected to continue as consumers prioritize convenience and safety. Additionally, there is a growing demand for eco-friendly and sustainable products, driving retailers to incorporate green options in their product offerings. Industry stakeholders will need to adapt and invest in digital strategies to stay competitive and cater to the evolving needs of consumers.
Local special circumstances: In the United States, the DIY & Hardware Store market is heavily influenced by the country's widespread culture of DIY home improvement and renovation projects. This is further supported by the availability of a wide range of hardware and building materials, as well as the ease of obtaining necessary permits and approvals for construction. Additionally, various regional and local regulations, such as building codes and zoning laws, also affect the market landscape and consumer behavior in this industry. This unique combination of factors encourages a thriving DIY & Hardware Store market in the United States, setting it apart from other countries.
Underlying macroeconomic factors: Similarly, the DIY & Hardware Store Market in the United States is heavily influenced by macroeconomic factors such as consumer confidence, interest rates, and fiscal policies. With a strong economy and stable consumer spending, the market is expected to experience steady growth. However, any changes in interest rates or consumer confidence could impact overall demand for DIY and hardware products. Additionally, policies related to trade and tariffs could also have an impact on market performance, as many of the products sold in these stores are imported. Overall, a stable and growing national economy is crucial for the success of the DIY & Hardware Store Market in the United States.
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)