DIY & Hardware Store - Suriname | Statista Market Forecast

In Suriname, the DIY & Hardware Store market generated a revenue of US$123.90m in 2024.
It is projected to experience an annual growth rate of 2.28% (CAGR 2024-2029).
When compared to other countries worldwide, China leads the market with a revenue of US$785bn in 2024.
In terms of per capita income, each person in Suriname contributed approximately US$197.00 in revenue for the DIY & Hardware Store market in 2024.
Despite its small size, Suriname has a growing demand for DIY and hardware products, driven by a rise in home renovations and construction projects.

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 Suriname is seeing minimal growth due to a combination of factors, including a lack of consumer awareness and limited availability of online services. Additionally, the market is impacted by the slow economic growth and limited disposable income of the country. However, recent efforts to promote home improvement and increasing demand for sustainable building materials could drive growth in the future.

Customer preferences: As Suriname's economy continues to grow, consumers in the DIY & Hardware Store Market are placing an increased emphasis on environmentally-friendly products and sustainable practices. This trend is driven by a rising awareness of climate change and a desire for more eco-friendly options. In response, hardware stores are offering a wider array of eco-friendly and energy-efficient products, as well as promoting sustainable building practices and materials. This shift towards environmentally-friendly products and practices is expected to continue as consumers become more conscious of their impact on the environment.

Trends in the market: In Suriname, the DIY & Hardware Store Market is experiencing a shift towards digitalization, with more stores implementing online ordering and delivery services in response to the COVID-19 pandemic. Additionally, there is a growing trend of using social media platforms to showcase products and engage with customers. This trend is expected to continue, with an increasing number of retailers investing in e-commerce and digital marketing strategies. This presents opportunities for industry stakeholders to tap into a wider customer base and improve customer experience. However, it also poses challenges for smaller, traditional stores to compete in the digital landscape. As such, providers of digital solutions and e-commerce platforms may see increased demand in the DIY & Hardware Store Market in Suriname in the coming years.

Local special circumstances: In Suriname, the DIY & Hardware Store Market is influenced by the country's geography and cultural preferences. As a small, tropical nation, Suriname experiences high humidity and frequent rains, leading to a demand for durable, water-resistant materials. Additionally, Surinamese consumers place high value on traditional methods and materials, resulting in a preference for locally-sourced, natural products. These unique factors contribute to the market dynamics, shaping product offerings and consumer behavior.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Suriname is greatly impacted by macroeconomic factors such as the country's economic stability, government policies, and global economic trends. Suriname's relatively stable economy has led to increased consumer spending on home improvement and DIY projects, driving the demand for hardware and DIY products. Additionally, the government's supportive policies and investments in infrastructure development have further stimulated the growth of the market. However, fluctuations in global economic conditions and changes in fiscal policies can affect consumer confidence and ultimately impact market performance. Thus, it is crucial for companies in the DIY & Hardware Store Market to closely monitor and adapt to these macroeconomic factors to maintain a competitive edge in Suriname.

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.