DIY & Hardware Store - Fiji

Fiji

In Fiji, the revenue generated in the DIY & Hardware Store market is estimated to be US$214.30m in 2024.
It is projected that this market will experience an annual growth rate of 3.36% (CAGR 2024-2029).
When compared to other countries worldwide, in China generates the highest revenue in this market segment, with US$785bn in 2024.
In terms of per capita figures, in Fiji, the revenue generated per person in the DIY & Hardware Store market is US$227.30 in 2024.
Despite the limited market size, Fiji has seen a rise in demand for DIY and hardware stores due to increased construction activity and a growing interest in home improvement projects.

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

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Currency

Analyst Opinion

The DIY & Hardware Store market in Fiji is currently experiencing a slow growth rate, influenced by factors such as the limited market size, lack of technological advancements, and low consumer awareness. Despite this, the market is expected to see some growth opportunities in the near future due to an increase in home renovation projects and government initiatives to promote small businesses.

Customer preferences: Consumers in Fiji are gravitating towards DIY and hardware stores due to a growing interest in home improvement and maintenance. However, there is a noticeable trend towards eco-friendly and sustainable products, as Fijians value their natural surroundings and strive for environmental conservation. Additionally, with an increase in dual-income households, there is a higher demand for time-saving and efficient solutions, leading to a rise in pre-made home renovation kits and tools. This shift signals a prioritization of convenience and cost-effectiveness in the DIY & Hardware Store Market.

Trends in the market: In Fiji, the DIY & Hardware Store market is experiencing a surge in online purchasing, with major players launching e-commerce platforms to meet the increased demand for convenience and safety amidst the COVID-19 pandemic. This trend is expected to continue, with forecasts predicting a significant rise in online sales across the region. This shift towards digital channels not only presents opportunities for retailers to expand their customer base and improve customer experience, but also highlights the need for businesses to invest in digital capabilities to remain competitive in the market.

Local special circumstances: In Fiji, the DIY & Hardware Store market is greatly influenced by the unique geographical and cultural conditions of the country. The small island nation's location and lack of resources have led to a demand for affordable and durable building materials and tools. Additionally, Fiji's strong traditional values and reliance on community-based construction projects also impact the market. Local regulations on building standards also play a role in shaping the market, as traditional building methods are often still favored. These factors contribute to a market that differs from others, highlighting the importance of understanding the local context for successful business strategies.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Fiji is also impacted by macroeconomic factors such as GDP growth, government policies, and consumer spending. As Fiji's economy continues to grow steadily, there is an increase in demand for construction and home improvement projects, leading to a higher demand for hardware and DIY products. Additionally, the government has implemented policies to promote home ownership and stimulate the housing market, further driving the demand for DIY and hardware products. Consumer spending, influenced by household incomes and employment rates, also plays a significant role in the growth of the market in Fiji.

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.