DIY & Hardware Store - Hong Kong | Statista Market Forecast

In Hong Kong, the DIY & Hardware Store market recorded a revenue of US$8.86bn in 2024.
According to projections, the market is anticipated to witness an annual growth rate of 5.70% (CAGR 2024-2029).
When compared globally, China leads the way with a revenue of US$785bn in 2024.
Taking into account the total population, the per person revenue generated in 2024 stands at US$1.18k.
Hong Kong's DIY & Hardware Store market is thriving, driven by a strong demand for high-quality tools and materials.

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 Hong Kong DIY & Hardware Store market is experiencing minimal growth, influenced by factors such as low consumer demand, rising operating costs, and increasing competition. Despite the growing popularity of DIY projects, the market is struggling due to limited product availability and high prices. The sub-markets of Floor Covering and Paint are seeing some growth, while Tools & Machines and Hardware & Building Materials are struggling due to import regulations and labor shortages. Overall, the market is facing challenges due to the slow economy and changing consumer preferences.

Customer preferences: In recent years, there has been a growing trend towards home renovation and improvement projects in Hong Kong, driven by consumers' desire to personalize and upgrade their living spaces. This has led to a rise in demand for DIY and hardware stores, as well as a burgeoning interest in sustainable and eco-friendly materials. With the city's dense population and limited living space, there is also a growing emphasis on maximizing storage and organization solutions, resulting in increased sales for products such as shelving, cabinets, and storage containers. This shift towards home improvement and space optimization reflects the changing lifestyles and needs of Hong Kong consumers.

Trends in the market: In Hong Kong, the DIY & Hardware Store Market is experiencing a surge in demand for environmentally friendly and sustainable products. This trend is driven by consumers' growing awareness of the environmental impact of their purchases, and the government's initiatives to promote green living. As a result, hardware stores are increasingly offering eco-friendly options, such as energy-efficient appliances and biodegradable materials. This trend is expected to continue, as consumers become more environmentally conscious and seek out products that align with their values. This also presents an opportunity for industry stakeholders to tap into this market and differentiate themselves from competitors. For example, hardware stores could offer workshops or resources on green living, or partner with eco-conscious brands to expand their product offerings. Ultimately, embracing this trend could lead to a more sustainable and profitable future for the DIY & Hardware Store Market in Hong Kong.

Local special circumstances: In Hong Kong, the DIY & Hardware Store market is influenced by the country's high population density and limited living space, leading to a strong demand for compact and efficient home improvement products. The city's fast-paced lifestyle also drives the popularity of online DIY tutorials and mobile apps, providing convenient guidance for DIY projects. Additionally, stringent building regulations and a focus on sustainability have resulted in a growing demand for eco-friendly and energy-efficient products in the market.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Hong Kong is heavily influenced by macroeconomic factors, such as the country's economic health and fiscal policies. With a strong and stable economy, Hong Kong provides a conducive environment for the growth of the DIY & Hardware Store Market. Additionally, the country's high level of urbanization and increasing disposable incomes have contributed to the demand for DIY and hardware products. Moreover, Hong Kong's strategic location and strong trade ties make it a hub for international trade, further driving the growth of the market. Furthermore, the government's favorable regulatory policies and investments in infrastructure have also played a significant role in boosting 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.