DIY & Hardware Store - Guyana | Statista Market Forecast

In Guyana, the revenue in the DIY & Hardware Store market reaches an impressive amount of US$247.80m in 2024.
Looking ahead, the market is projected to experience steady annual growth of 2.72%, as calculated by the Compound Annual Growth Rate (CAGR) from 2024 to 2029.
When compared globally, it is worth noting that China generates the highest revenue, reaching a staggering US$785bn in 2024.
Taking into account the population figures, in Guyana generates per person revenues of US$302.30 in 2024.
Despite its small size and population, Guyana has seen a surge in demand for DIY and hardware stores due to the country's growing construction industry.

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.

Tools such as power tools and hand tools
Hardware such as products related to safety and security
Lawn & Garden such as gardening tools and plant supplies
Heating & Cooling systems such as air conditioners and heaters
Bathroom fixtures such as toilets, faucets, and sinks
Floor Coverings such as parquet panels

Electrical supplies such as power inlets and extension cords
Household appliances such as refrigerators and dishwashers
Hardware services such as preventitive maintenance contracts
Professsional contruction machinery such as cement mixers
Air treatment devices such as purifiers and humidifiers

The DIY & Hardware Store Market in Guyana has been experiencing slow growth, influenced by factors such as limited consumer spending, low disposable income, and competition from larger retailers. Despite this, the market remains resilient due to the strong demand for home improvement and renovation projects, especially in the sub-markets of Floor Covering and Tools & Machines. However, the industry is also facing challenges such as supply chain disruptions and rising material costs, which are contributing to the overall negligible growth rate.

Customer preferences: As access to information and resources continue to expand, consumers in the DIY & Hardware Store Market are increasingly turning to online sources for guidance and inspiration for their home improvement projects. The rise of social media and digital platforms has allowed for the sharing of tutorials, reviews, and innovative ideas, making it easier for individuals to take on DIY projects. This trend is driven by the desire for cost-effective and personalized solutions, as well as the growing influence of DIY influencers on social media.

Trends in the market: In Guyana's DIY & Hardware Store Market, there is a growing trend of online shopping, with more customers turning to e-commerce platforms for their hardware and DIY needs. This trend has been accelerated by the COVID-19 pandemic, as consumers seek contactless shopping options. This has led to an increase in the adoption of digital marketing strategies by industry players to attract and retain customers. Additionally, there has been a rise in the use of DIY tutorials and instructional videos on social media platforms, providing consumers with step-by-step guidance on home improvement projects. These trends are expected to continue in the coming years, presenting opportunities for growth and innovation in the industry. However, this also poses challenges for traditional brick-and-mortar stores, who must adapt to the changing landscape to remain competitive.

Local special circumstances: In Guyana, the DIY & Hardware Store Market is heavily influenced by the country's geographical location and limited access to certain products. With a small population and limited infrastructure, the market is primarily driven by local demand and availability of resources. Additionally, Guyana's diverse cultural background, with a mix of Amerindian, African, and Indian influences, plays a significant role in the market's preferences and purchasing behaviors. Furthermore, the country's regulatory environment, with a focus on promoting small businesses, has led to a thriving local market with a strong emphasis on DIY solutions and hardware stores.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Guyana is heavily impacted by macroeconomic factors such as consumer spending, inflation rates, and interest rates. A stable and growing national economy can drive consumer confidence and spending, fueling demand for DIY products and home improvement projects. Additionally, government policies, such as tax incentives for home improvement and construction, can also influence market performance. However, fluctuations in global economic trends and currency exchange rates can also have a significant impact on the market. As such, businesses in the DIY & Hardware Store Market in Guyana must carefully monitor and respond to these macroeconomic factors to stay competitive and adapt to changing market conditions.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Building and renovating homes involves general contractors and subcontractors who build new homes and remodel existing homes. Home renovation projects also encompass the remodeling of external structures such as gardens, garages, and lawns. The total U.S. home improvement expenditure amounted to 566 billion U.S. dollars in 2022. Homeowners undertake home improvement to make residential properties more comfortable, upgrade air conditioning and heating systems, waterproof roofs and basements, soundproof rooms, and to extend their homes and boost energy savings.