DIY & Hardware Store - Colombia

Colombia

In Colombia, the revenue in the DIY & Hardware Store market is projected to reach US$13.84bn in 2024.
This market segment is expected to experience an annual growth rate of 2.55% (CAGR 2024-2029).
When compared globally, in China leads with the highest revenue of US$785bn in 2024.
In terms of per capita figures, each person in Colombia generates revenues of US$264.50 in 2024.
Colombian consumers are increasingly turning to DIY and hardware stores for home improvement projects, driving demand for tools and building materials.

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 Colombia has been experiencing slow growth due to factors such as low consumer confidence, increasing competition from online retailers, and the rising cost of materials. However, the market still holds potential with the growing demand for home improvement projects and the availability of a wide range of products in the various sub-markets.

Customer preferences: With the rise of environmental awareness and sustainability, consumers in Colombia are increasingly turning to DIY and hardware stores for eco-friendly products and materials. This trend is also fueled by the growing interest in home improvement projects and the desire to save money by doing it themselves. Additionally, an increasing number of young adults are choosing to live in smaller spaces, leading to a demand for compact and multi-functional home items, which can be found in these stores. The convenience and cost-effectiveness of DIY projects are also attracting a younger demographic to hardware stores.

Trends in the market: In Colombia, the DIY & Hardware Store market is seeing a rise in online sales, with more consumers turning to e-commerce platforms for their home improvement needs. This trend is driven by the increasing use of smartphones and internet penetration, offering convenience and accessibility to customers. As the country continues to embrace digital solutions, hardware retailers must invest in their online presence to stay competitive. This could potentially lead to a shift in the traditional brick-and-mortar model, forcing store owners to adapt and offer a seamless omnichannel experience for customers.

Local special circumstances: In Colombia, the DIY & Hardware Store Market is heavily influenced by the country's diverse geography. With vast rural areas and mountainous regions, the market is driven by the demand for durable and reliable products that can withstand the rugged terrain. Additionally, the country's cultural emphasis on traditional craftsmanship has also shaped the market, with a strong demand for high-quality tools and materials. Government regulations also play a role, with strict building codes requiring specific materials and standards for construction projects. These unique factors have contributed to a highly competitive market, with local manufacturers and suppliers dominating the industry.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Colombia is heavily influenced by macroeconomic factors such as the country's overall economic health, consumer spending patterns, and fiscal policies. A stable economy with a growing middle class is likely to result in increased demand for home improvement and DIY products, leading to market growth. Additionally, the impact of global economic trends, such as fluctuations in exchange rates and trade policies, can also affect the market performance. Government initiatives aimed at promoting domestic manufacturing and reducing import dependency can also impact the market by influencing product availability and pricing.

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.