DIY & Hardware Store - Zimbabwe

Zimbabwe

In Zimbabwe, the DIY & Hardware Store market generates a revenue of US$2,570.00m in 2024.
It is projected to experience an annual growth rate of 2.54% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market segment with US$785bn in 2024.
Considering the total population, per person revenues amount to US$151.00 in 2024.
Zimbabwe's DIY & Hardware Store market is experiencing a surge in demand for affordable tools and building materials due to the country's economic challenges.

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 Zimbabwe has been experiencing slow growth due to a combination of factors, including limited consumer spending power, a weak economy, and high import costs. Despite this, there is a growing demand for home improvement products and services, driven by the prevalence of DIY culture and the desire for cost-effective solutions. The market is also influenced by the availability of affordable and durable items from local manufacturers, as well as the increasing popularity of online shopping for home improvement needs. Thus, the DIY & Hardware Store market in Zimbabwe is expected to gradually expand in the coming years, albeit at a moderate pace.

Customer preferences: In Zimbabwe, there has been a notable increase in consumer preference for DIY and hardware stores that offer a wide range of sustainable and environmentally friendly products. This shift is driven by the growing awareness and concern for climate change and the need to reduce carbon footprints. Moreover, there is an increasing demand for locally sourced and ethically produced products, highlighting a shift towards supporting small businesses and promoting sustainable practices.

Trends in the market: In Zimbabwe, the DIY & Hardware Store Market is currently experiencing a shift towards e-commerce, with more consumers turning to online platforms for their home improvement needs. This trend has been accelerated by the COVID-19 pandemic, which has led to a surge in online shopping. Additionally, there is a growing focus on sustainable and eco-friendly products in the market, as more consumers become environmentally conscious. This has resulted in a rise in demand for products such as solar panels, rainwater harvesting systems, and energy-efficient appliances. Industry stakeholders, such as retailers and manufacturers, will need to adapt to these changing trends in order to stay competitive and cater to the evolving needs of consumers. Furthermore, there is a potential for partnerships between DIY stores and sustainable product manufacturers, as well as opportunities for innovation and expansion into new product categories.

Local special circumstances: In Zimbabwe, the DIY & Hardware Store market is heavily influenced by the country's economic and political factors. With inflation rates reaching record highs, consumers are increasingly turning to DIY solutions as a cost-effective alternative to hiring professionals. Additionally, the country's complicated import and export regulations make it challenging for international retailers to enter the market, resulting in a strong presence of local players. The cultural trend of self-sufficiency also drives the demand for DIY tools and materials in the country.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Zimbabwe is heavily impacted by macroeconomic factors such as political stability, economic growth, and foreign investment. The country's recent shift towards a more open market economy has led to an increase in consumer spending and a rise in demand for home improvement and construction materials. Additionally, the government's efforts to improve infrastructure and develop the manufacturing sector have created opportunities for the market to expand. However, Zimbabwe's high inflation rate and currency devaluation may pose challenges for the market's growth in the long term.

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.