DIY & Hardware Store - Cuba

Cuba

In Cuba, the revenue in the DIY & Hardware Store market is projected to reach US$3,310.00m by 2024.
It is expected to grow annually by 3.40% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market, amounting to US$785bn in 2024.
In terms of per person revenues, in Cuba generates US$296.20 in 2024.
Despite limited resources and access to modern technology, Cuba's DIY & Hardware Store market is thriving due to the ingenuity and resourcefulness of its people.

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 Cuba has been experiencing minimal growth, influenced by factors such as limited access to digital technologies, low consumer awareness of home improvement, and the country's economic challenges. Despite this, sub-markets such as Floor Covering and Tools & Machines show potential for growth with the rise in home renovations and repairs. However, high import costs for materials and limited supply of products hinder overall growth.

Customer preferences: Consumers in Cuba are increasingly looking for convenience and cost-effective options when it comes to home improvement and DIY projects. This has led to a rise in demand for online tutorials and video guides, as well as virtual consultations with experts. Additionally, there is a growing interest in eco-friendly and sustainable products, as well as a preference for locally-made and artisanal items. These trends reflect a shift towards DIY solutions that align with the country's cultural traditions and values.

Trends in the market: In Cuba, there has been a recent increase in DIY and hardware stores, as the government has implemented economic reforms that allow private businesses to operate. This has led to a trend of Cubans taking on more home improvement projects, resulting in a growing demand for DIY and hardware products. Furthermore, the entry of foreign investors in the market has brought in a wider variety of products and increased competition. This trend is expected to continue, providing opportunities for industry stakeholders to expand their businesses and offer innovative solutions to meet the evolving needs of Cuban consumers. For example, online DIY and hardware stores could see a surge in popularity as Cubans become more comfortable with e-commerce. Additionally, there is potential for partnerships between DIY and hardware stores and construction companies, as the Cuban government is investing in infrastructure development. As the DIY and hardware store market in Cuba continues to grow, it is crucial for industry stakeholders to keep up with consumer trends and adapt their strategies to stay competitive in this expanding market.

Local special circumstances: In Cuba, the DIY & Hardware Store market is limited by the country's socialist economy, with most goods being distributed through state-run stores. This has led to a lack of competition and lower product variety. Additionally, the country's geographical isolation and limited internet access make online shopping and delivery options scarce. However, this has created a strong demand for local hardware stores, which provide personalized service and access to hard-to-find products. DIY culture is also influenced by the scarcity of resources, leading to a focus on repurposing and creativity.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Cuba is significantly impacted by macroeconomic factors such as the country's economic health, fiscal policies, and global economic trends. Cuba has been experiencing economic difficulties due to US trade sanctions and a reliance on imports. However, recent economic reforms and a growing private sector are providing opportunities for market growth. Additionally, increasing government investment in infrastructure and a rise in home renovations and repairs are driving demand for DIY and hardware products in the country.

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.