DIY & Hardware Store - Peru

Peru

In Peru, the revenue in the DIY & Hardware Store market is projected to reach US$11.89bn in 2024.
It is expected to experience an annual growth rate of 3.08% (CAGR 2024-2029).
Comparatively, in China leads globally with revenues of US$785bn in 2024.
When considering the population, the per capita revenue generated in Peru amounts to US$342.90 in 2024.
Peruvian DIY & Hardware stores are experiencing a surge in demand for eco-friendly and sustainable products, driven by the country's growing environmental consciousness.

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

In Peru, the DIY & Hardware Store market has been facing slow growth due to factors such as weak economic conditions, fluctuating consumer spending, and saturation of the market with existing stores. In addition, the COVID-19 pandemic has also had a negative impact on the market, leading to a decrease in demand for home improvement products. Despite these challenges, there is still potential for growth in the sub-markets of Floor Covering, Paint, Wallpaper & Supplies, Tools & Machines, Hardware & Building Materials, Lawn & Garden, Heating & Cooling and Bathroom Hardware, as consumers become more focused on maintaining and improving their homes during these uncertain times.

Customer preferences: As DIY and hardware stores continue to adapt to changing consumer preferences, there has been a noticeable shift towards eco-friendly and sustainable products. With growing awareness about the impact of traditional construction materials on the environment, consumers are seeking out more environmentally-friendly options. This trend is also influenced by the rising demand for sustainable living solutions among the younger generation, who are becoming more conscientious about their impact on the planet. As a result, DIY and hardware stores are focusing on offering more sustainable and energy-efficient products to cater to this growing demand.

Trends in the market: In Peru, the DIY & Hardware Store market is experiencing a significant increase in e-commerce sales, with consumers turning to online channels for their home improvement needs. Additionally, there is a growing trend of retailers offering DIY workshops and tutorials to attract and engage customers. These developments are indicative of a shift towards a more digital and customer-centric approach in the industry. They also highlight the importance for industry stakeholders to invest in technology and customer experience to remain competitive in the evolving market landscape.

Local special circumstances: In Peru, the DIY & Hardware Store market is heavily influenced by the country's rugged terrain and diverse weather conditions. This creates a demand for products that can withstand harsh conditions, such as durable building materials and weather-resistant tools. Additionally, the Peruvian culture places a strong emphasis on self-reliance and independence, leading to a high demand for DIY products and home improvement projects. Furthermore, the country's regulatory environment favors local businesses, making it challenging for international hardware stores to enter the market. As a result, the DIY & Hardware Store market in Peru has a strong focus on locally sourced and produced products.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Peru is greatly affected by macroeconomic factors such as economic growth, fiscal policies, and global economic trends. The country's recent economic growth has resulted in a rise in construction activities, leading to an increase in the demand for hardware and DIY products. Additionally, the government's focus on infrastructure development and investment in the housing sector has further boosted the market. However, fluctuations in the global economy and currency exchange rates can impact the purchasing power of consumers, potentially affecting market growth. Furthermore, changes in fiscal policies, such as tax rates and import/export regulations, can also impact the prices of products and affect consumer spending. Overall, a stable and growing economy, coupled with favorable fiscal policies, can drive the growth of the DIY & Hardware Store Market in Peru.

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.