DIY & Hardware Store - Papua New Guinea

Papua New Guinea

In Papua New Guinea, the revenue generated in the DIY & Hardware Store market is estimated to reach US$1,562.00m in 2024.
It is projected that the market will experience an annual growth rate of 3.14% (CAGR 2024-2029).
When compared globally, in China leads the market with a revenue of US$785bn in 2024.
On a per capita basis, each person in Papua New Guinea contributes US$148.50 in revenue in 2024.
The DIY & Hardware Store market plays a significant role in the country's economy.
Papua New Guinea's DIY & Hardware Store market is experiencing a surge in demand for locally sourced building materials due to increased focus on supporting the country's economy.

Key regions: Worldwide, China, United States, India, Japan

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.

Market

Region

Region comparison

Currency

Analyst Opinion

The DIY & Hardware Store market in Papua New Guinea is experiencing sluggish growth due to low consumer spending and limited access to digital technologies. Factors such as inadequate infrastructure, high import costs, and low disposable income are hindering the market's growth potential. Additionally, customer preference for traditional shopping methods and competition from informal markets also impact the market's growth rate.

Customer preferences: As Papua New Guinea experiences continued economic growth and urbanization, there is a growing demand for DIY and hardware solutions among consumers. This trend is driven by a desire for self-sufficiency and cost-effective home improvement solutions. Additionally, with the rise of social media and YouTube tutorials, there is a growing interest in DIY projects as a form of self-expression and creativity. This cultural shift towards DIY has also led to a rise in demand for eco-friendly and sustainable materials, reflecting a growing global trend towards sustainable living.

Trends in the market: In Papua New Guinea, the DIY & Hardware Store Market is experiencing a shift towards online shopping, with more consumers turning to e-commerce platforms for their home improvement needs. This trend is largely driven by the increasing availability of mobile internet and the convenience of online shopping. Furthermore, there is a growing interest in environmentally-friendly and sustainable building materials, as well as a demand for quality and affordable products. These trends have significant implications for industry stakeholders, who must adapt to the changing market landscape and consider incorporating online and eco-friendly options in their offerings to remain competitive.

Local special circumstances: In Papua New Guinea, the DIY & Hardware Store market is heavily influenced by the country's rugged geography, which makes it difficult for traditional brick-and-mortar stores to reach remote areas. As a result, there is a growing trend towards online shopping and delivery services, with many stores now offering online purchasing options. Additionally, the country's unique cultural diversity and traditional building techniques also play a significant role in shaping the demand for specific products, such as sustainable and eco-friendly building materials. Moreover, the government's strict regulations on imported goods have led to a preference for locally sourced products, creating opportunities for local manufacturers and suppliers in the market.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Papua New Guinea is greatly impacted by macroeconomic factors such as economic growth, fiscal policies, and global economic trends. The country's economic growth has been steadily increasing, with a GDP growth rate of 5.9% in 2019. This has resulted in a rise in disposable income and consumer spending, leading to a higher demand for DIY and hardware products. Additionally, the government's fiscal policies, including tax incentives for businesses and infrastructure development, have further boosted the market's growth. However, the market is also affected by global trends, such as fluctuations in commodity prices and currency exchange rates. Adverse changes in these factors can significantly impact the market's performance and profitability.

Methodology

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.