The Hardware & Building Materials market in the DIY & Hardware Store industry in the US is experiencing slow growth due to factors such as the economic downturn, decreased demand for home improvement, and increased competition from online retailers. These challenges have resulted in a negligible growth rate for the market.
Customer preferences: As millennial homeowners prioritize sustainable living, eco-friendly building materials and DIY kits have seen a significant surge in demand. This trend is influenced by a growing environmental consciousness and a desire to reduce carbon footprint in construction projects. Additionally, the rising popularity of DIY projects and renovation shows has also fueled the demand for affordable and sustainable building materials among consumers.
Trends in the market: In the United States, the Hardware & Building Materials Market within the DIY & Hardware Store market is experiencing a shift towards eco-friendly and sustainable products. This trend is driven by increased awareness of the negative impact of traditional building materials on the environment. This has led to a rise in demand for energy-efficient products, such as low-flow plumbing fixtures and sustainable building materials. The trajectory of this trend is expected to continue, with stricter regulations and consumer preferences driving the market towards more sustainable options. This has significant implications for industry stakeholders, as they will need to adapt and innovate to meet changing consumer needs and remain competitive in the market.
Local special circumstances:
In the United States, the Hardware & Building Materials Market within the DIY & Hardware Store Market has been positively impacted by the country's growing interest in home improvement and DIY projects. Additionally, favorable economic conditions and increasing urbanization have also contributed to the market's growth. Furthermore, the well-established hardware stores, such as Home Depot and Lowe's, have a strong presence in the market, offering a wide range of products and services. However, the market's dynamics are also influenced by the strict regulations and building codes in certain states and cities, which can create challenges for businesses and consumers alike.
Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in the United States is greatly influenced by macroeconomic factors such as the overall health of the national economy, consumer confidence and spending, and government policies and regulations. Economic growth and stability, as well as cyclical trends in the housing and construction industries, directly impact the demand for building materials and hardware products. Changes in interest rates, taxes, and trade policies can also have a significant effect on the performance of the market. Additionally, the growing focus on sustainable and energy-efficient building practices is creating new opportunities for market growth.
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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