DIY & Hardware Store - Haiti | Statista Market Forecast

In 2024, the DIY & Hardware Store market in Haiti is projected to generate a revenue of US$1.98bn.
This market is expected to experience an annual growth rate of 2.01% (CAGR 2024-2029).
When comparing this revenue on a global scale, it is worth noting that China leads the way with a total revenue of US$785bn in 2024.
In terms of per capita revenue, each person in Haiti is estimated to generate US$166.70 in 2024.
This figure provides a measure of the market's impact on the country's overall population.
Haiti's DIY & Hardware Store market is witnessing a surge in demand for affordable home repair tools and materials due to the country's ongoing post-disaster reconstruction efforts.

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 Haiti is facing challenges with its negligible growth rate, impacted by factors such as limited consumer awareness, lack of access to digital technologies, and a weak economy. Despite this, sectors such as Floor Covering and Tools & Machines show potential for growth as consumers prioritize home improvement projects. However, the overall market is hindered by low consumer spending and the need for affordable options in categories such as Paint and Building Materials.

Customer preferences: As the Haitian population becomes more urbanized and affluent, there has been a growing trend towards DIY and home improvement projects. This has led to an increase in demand for household tools, paint, and building materials. Additionally, there has been a shift towards eco-friendly and sustainable products, driven by a growing awareness of environmental issues. As a result, DIY and hardware stores are expanding their product offerings to cater to this demand, with an emphasis on environmentally-friendly options. This trend is likely to continue as consumers become more conscious of their impact on the environment and seek out sustainable products for their DIY projects.

Trends in the market: In Haiti, the DIY & Hardware Store Market is experiencing a shift towards online shopping, with a rise in e-commerce platforms and mobile apps. This trend is driven by the increasing internet penetration and smartphone usage in the country. Additionally, there is a growing demand for sustainable and eco-friendly products, leading to the emergence of environmentally conscious DIY products in the market. These trends are significant as they offer convenience and accessibility to customers and allow businesses to expand their reach. However, they also pose challenges for traditional brick-and-mortar stores, who may need to adapt their business models to remain competitive. This shift towards e-commerce also highlights the need for improved logistics and supply chain infrastructure in Haiti.

Local special circumstances: In Haiti, the DIY & Hardware Store market is heavily influenced by the country's geography and cultural traditions. The rugged terrain and frequent natural disasters make accessibility and availability of products a challenge. Moreover, the local preference for traditional building methods and materials, such as bamboo and thatch, hinders the adoption of modern DIY practices. Additionally, regulatory hurdles and high import taxes create barriers for international players, giving local businesses a competitive advantage. As a result, the market is largely dominated by small, family-owned stores that cater to the unique needs and preferences of the Haitian population.

Underlying macroeconomic factors: The DIY & Hardware Store Market market in Haiti is impacted by macroeconomic factors such as infrastructure development, government subsidies, and changes in consumer spending due to national economic health. As the country continues to rebuild after natural disasters and political instability, infrastructure investments and government subsidies play a crucial role in the growth of the DIY & Hardware Store Market market. Additionally, changes in consumer spending patterns, influenced by fiscal policies and overall economic health, can have a significant impact on market performance.

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.