DIY & Hardware Store - Philippines

Philippines

In the Philippines, the DIY & Hardware Store market generates a revenue of €19.78bn in 2024.
It is projected to experience an annual growth rate of 3.50% (CAGR 2024-2029).
When compared globally, in China leads the market with a revenue of €728bn in 2024.
Considering the total population figures, the per person revenue in 2024 amounts to €166.10.
The Philippines has experienced a surge in demand for DIY and hardware products, driven by the growing number of home improvement enthusiasts and the need for affordable solutions in the construction industry.

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.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The DIY & Hardware Store Market in Philippines is currently experiencing stagnant growth, influenced by several factors such as consumer spending behavior, changing market trends, and competition from online retailers. Despite the negligible growth, the market is poised for a potential increase with the demand for renovation and home improvement projects. However, the rise in e-commerce and the availability of cheaper imported products may hinder the market's growth rate.

Customer preferences: In recent years, there has been a growing preference among consumers in the Philippines for sustainable and eco-friendly DIY and hardware products. This trend is driven by the increasing awareness of the impact of consumer choices on the environment. As a result, there has been a rise in demand for products made from sustainable materials, such as bamboo and recycled plastic. This shift reflects a cultural and societal shift towards more mindful and sustainable consumption practices. Additionally, the younger demographic, who are more environmentally conscious, are influencing the market with their preference for eco-friendly products.

Trends in the market: In the Philippines, the DIY & Hardware Store Market is experiencing a surge in e-commerce as more consumers turn to online shopping for their home improvement needs. This trend is expected to continue, driven by the rise of digital technologies and the increasing demand for convenience and contactless transactions. Industry players are also exploring new strategies to enhance their online presence and offer more value-added services such as virtual consultations and personalized shopping experiences. This shift towards digitalization is not only significant in improving customer engagement but also in streamlining operations and reducing costs for retailers. However, this trend also poses challenges for smaller and traditional brick-and-mortar stores to compete in the digital landscape, highlighting the need for them to adapt and invest in technology to stay relevant.

Local special circumstances: In the Philippines, the DIY & Hardware Store market is driven by the country's strong tradition of home improvement and repair, as well as its rapidly growing urban population. Furthermore, the country's warm and humid climate necessitates frequent home maintenance and renovation, creating a high demand for DIY and hardware products. Additionally, the Philippines is a major tourism destination, leading to a robust market for construction and home improvement among the many hotels, resorts, and other tourist facilities. The country's government also supports the growth of the DIY & Hardware Store market through initiatives such as the Build, Build, Build program, which aims to develop infrastructure and boost the overall economy.

Underlying macroeconomic factors: 'The DIY & Hardware Store market in the Philippines is heavily dependent on the country's economic health and fiscal policies. A stable and growing economy with a focus on infrastructure development can lead to increased demand for construction materials and tools, boosting the market for hardware stores. On the other hand, economic downturns and inflation can result in decreased consumer spending, affecting the purchasing power of customers and their ability to afford DIY projects. Additionally, government policies such as taxes and tariffs on imported goods can impact the cost of products in the market, influencing consumer behavior and market performance.'

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.