DIY & Hardware Store - Jamaica | Statista Market Forecast

In 2024, the revenue in the DIY & Hardware Store market in Jamaica amounts to US$654.30m.
It is projected that the market will experience an annual growth rate of 2.30% (CAGR 2024-2029).
When compared to other countries around Worldwide, China generates the highest revenue of US$785bn in 2024.
Taking into account the total population figures, the per person revenue in Jamaica is US$231.60 in 2024.
Jamaica's DIY & Hardware Store market is flourishing, driven by the increasing demand for home improvement products and the growing popularity of DIY projects among Jamaican consumers.

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 Jamaica has been seeing limited growth, influenced by factors such as increasing competition among sub-markets, changing consumer preferences, and the impact of the global economy. Despite this, the market continues to thrive due to the convenience and availability of online shopping and the growing trend of home improvement projects. However, economic and political instability may hinder further growth in the market.

Customer preferences: As the popularity of DIY projects and home renovations continue to rise in Jamaica, there is a growing trend towards sustainability and environmentally friendly practices. This has led to an increased demand for eco-friendly materials and products in the DIY & Hardware Store market. Additionally, with the rise of social media and influencer culture, consumers are seeking out more unique and personalized options for their DIY projects, driving the growth of small, niche hardware stores and online DIY communities. This trend highlights a shift towards a more conscious, individualistic approach to home improvement, reflecting a desire for self-expression and environmental responsibility.

Trends in the market: In Jamaica, the DIY & Hardware Store Market has been experiencing a trend towards online shopping, with an increasing number of customers choosing to purchase their hardware and DIY supplies through e-commerce platforms. This trend is expected to continue in the future, as more consumers turn to the convenience and variety offered by online shopping. This has significant implications for industry stakeholders, as it may require traditional hardware stores to invest in online capabilities in order to remain competitive. Additionally, there is a growing trend towards sustainability and DIY projects aimed at reducing waste and promoting eco-friendly practices, which may lead to an increase in demand for environmentally-friendly products in the market. Industry players will need to monitor and adapt to these trends in order to stay relevant and meet the evolving needs of consumers.

Local special circumstances: In Jamaica, the DIY & Hardware Store market has been heavily influenced by the country's geographical location. Being an island nation, Jamaica faces unique challenges in terms of transportation and logistics, which impact the availability and pricing of construction materials. Additionally, cultural factors, such as the emphasis on self-sufficiency and DIY projects, have contributed to the growth of the market. Furthermore, the government's policies and regulations regarding building codes and safety standards play a crucial role in shaping the demand for hardware and DIY products. These factors differentiate the DIY & Hardware Store market in Jamaica from other markets, highlighting the need for targeted strategies and solutions.

Underlying macroeconomic factors: The performance of the DIY & Hardware Store Market market in Jamaica is heavily influenced by macroeconomic factors such as the overall economic health of the country, government fiscal policies, and global economic trends. A stable economy with strong consumer confidence and increased disposable income tends to lead to higher demand for home improvement and DIY projects, positively impacting the DIY & Hardware Store Market in Jamaica. Additionally, government initiatives to stimulate the construction and real estate sectors can also drive growth in the market. On the other hand, an economic downturn or rising inflation can lead to reduced consumer spending on non-essential purchases, potentially affecting the market negatively. Furthermore, changing global economic conditions or trade policies can also impact the availability and prices of raw materials and finished products, posing challenges for businesses in the DIY & Hardware Store Market.

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.