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Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
Key regions: Worldwide, China, United States, India, Japan
The DIY & Hardware Store market in Guatemala is facing slow growth due to a combination of factors. Despite increasing consumer awareness and convenience of online shopping, the market is impacted by a lack of innovation and competition in sub-markets such as Floor Covering and Tools & Machines. Additionally, the country's economic instability and fluctuating currency exchange rates have resulted in negligible growth for the overall market.
Customer preferences: As the demand for affordable and sustainable housing continues to rise, consumers in Guatemala are increasingly turning towards DIY home renovation and improvement projects. This trend is further fueled by the country's growing middle class and the desire for personalized and unique living spaces. This has led to a surge in demand for DIY tools and building materials, as well as a preference for eco-friendly and locally-sourced products. Additionally, the rise in remote work and digital nomadism has also led to a growing need for efficient home office setups, further driving the demand for DIY and hardware supplies.
Trends in the market: In Guatemala, the DIY & Hardware Store Market is seeing a growing trend of online shopping for home improvement and construction supplies. This shift towards e-commerce is significant, as it allows customers to access a wider range of products and compare prices from different stores. Additionally, the DIY trend itself is gaining momentum in the country, as more individuals are taking on home improvement projects. This presents an opportunity for industry stakeholders to focus on providing online platforms and resources to cater to this growing demand and increase sales. Furthermore, with the rise of DIY culture, there is also a need for educational resources and tutorials to assist customers in their projects, which hardware stores can provide to establish themselves as a one-stop-shop for all home improvement needs.
Local special circumstances: In Guatemala, the DIY & Hardware Store Market is heavily influenced by the country's diverse geography, such as its varied terrain and climate. This has led to a strong demand for construction and maintenance materials, as well as a need for durable and weather-resistant products. Additionally, Guatemala's cultural emphasis on home ownership and self-sufficiency contributes to a thriving DIY market. However, the market is also constrained by the country's strict building regulations, which impact the availability and pricing of certain products. These unique factors play a significant role in shaping the DIY & Hardware Store Market in Guatemala.
Underlying macroeconomic factors:
The DIY & Hardware Store Market in Guatemala is influenced by macroeconomic factors such as economic stability, government policies, and consumer spending. The country's steady economic growth and rising disposable income have led to an increase in consumer spending on home improvement and construction projects, driving the demand for DIY and hardware products. Additionally, the recent trend towards sustainability has pushed the market towards eco-friendly and energy-efficient products. The government's efforts to promote affordable housing and infrastructure development have also contributed to the growth of the DIY & Hardware Store Market in Guatemala. Moreover, the country's strategic location and free trade agreements have opened up opportunities for international trade, leading to further 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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)