The DIY & Hardware Store Market in Vietnam is experiencing minimal growth due to factors such as limited consumer interest and lack of availability of specialized products. Despite this, the Lawn & Garden Market within the industry continues to see steady growth, driven by rising demand for gardening tools and increasing preference for DIY gardening projects. The market's growth rate has been impacted by the slow economic recovery and high competition in the industry.
Customer preferences: As urbanization and an increase in apartment living continue to be prevalent in Vietnam, consumers are opting for low maintenance and compact gardening options, such as hydroponic systems and small-scale indoor gardening. This trend is further influenced by the growing interest in sustainability and self-sufficiency, with more consumers seeking to grow their own produce and reduce their environmental impact. Additionally, the rising popularity of outdoor living spaces and entertaining at home has led to a demand for functional and aesthetically-pleasing lawn and garden products.
Trends in the market: In Vietnam, the Lawn & Garden Market within the DIY & Hardware Store Market is experiencing a shift towards eco-friendly and sustainable products. Consumers are increasingly concerned about the environmental impact of their gardening practices and are seeking out options such as organic fertilizers, biodegradable materials, and water-saving tools. This trend is expected to continue as the government promotes green initiatives and consumers become more informed about environmentally friendly options. Industry stakeholders need to adapt to this trend by offering more eco-friendly products, investing in sustainable practices, and marketing their products as environmentally responsible. Failure to do so could lead to a loss of market share and revenue in the future.
Local special circumstances: In Vietnam, the Lawn & Garden market within the DIY & Hardware Store Market is heavily influenced by the country's geographical diversity and climate. The tropical climate and vast landscape result in a high demand for outdoor gardening supplies and tools. Additionally, the country's strong culture of gardening and desire for self-sufficiency drives the market. Furthermore, strict regulations on the sale and use of pesticides and other chemicals require retailers to offer more eco-friendly and organic options, creating a unique market dynamic compared to other countries.
Underlying macroeconomic factors: The Lawn & Garden Market within the DIY & Hardware Store Market in Vietnam is affected by macroeconomic factors such as economic growth, consumer spending, and government policies. As the country's economy continues to grow, consumer purchasing power and spending on home improvement products are expected to increase. Furthermore, government policies that promote infrastructure development and encourage home ownership also contribute to the growth of the DIY & Hardware Store Market, including the Lawn & Garden segment. In addition, the rapid urbanization and rising middle class in Vietnam are creating a larger consumer base for home improvement products, leading to further growth in the Lawn & Garden 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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