DIY & Hardware Store - China

  • China
  • The DIY & Hardware Store market in China is projected to generate a staggering revenue of US$784.90bn in 2024.
  • This market segment is expected to experience a steady annual growth rate of 2.08% (CAGR 2024-2029).
  • It is noteworthy that in China leads the global market in terms of revenue, with an impressive amount of US$784.90bn in 2024.
  • When considering the population of in China, the per person revenue generated in the DIY & Hardware Store market is estimated to be US$547.90 in 2024.
  • In China, the DIY and Hardware Store market is experiencing a surge in demand due to the rising popularity of home renovation projects among Chinese consumers.

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

 
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Analyst Opinion

The DIY & Hardware Store Market in China is experiencing stagnant growth, as factors such as low consumer confidence and declining real estate market have impacted sales. However, increasing DIY culture and rising disposable income are driving demand for innovative tools and home improvement supplies, leading to slight growth in sub-markets like Floor Covering and Tools & Machines. Moreover, online retail platforms and the convenience they offer are boosting the overall market.

Customer preferences:
With the rise of DIY culture and the increasing popularity of home improvement projects, consumers in China are gravitating towards DIY & Hardware stores that offer a wide range of affordable tools and supplies. In addition, the growing trend of home renovation and decoration has also led to a greater demand for high-quality, innovative products and personalized design services. This shift is not only driven by the desire for cost-effective solutions, but also reflects the Chinese consumers' growing interest in creating unique and comfortable living spaces.

Trends in the market:
In China, the DIY & Hardware Store Market is experiencing a surge in online sales, as consumers increasingly prefer the convenience and variety of e-commerce platforms. This trend is expected to continue, with major players investing in omni-channel strategies and leveraging big data and AI to enhance the online shopping experience. These developments have significant implications for traditional brick-and-mortar stores, which may face challenges in competing with online retailers. Additionally, this trend towards digitalization may also create opportunities for new players to enter the market and disrupt the traditional retail landscape.

Local special circumstances:
In China, the DIY & Hardware Store Market is heavily influenced by the country's rapid economic growth and urbanization. As more individuals move to cities, there is a growing demand for DIY and home improvement products. Additionally, the Chinese government's policies promoting home ownership and renovation have further fueled the market's growth. The country's vast geography and diverse consumer preferences have also driven the proliferation of small, local hardware stores. These unique factors have contributed to the DIY & Hardware Store Market's significant growth in China, making it one of the largest and most competitive markets in the world.

Underlying macroeconomic factors:
The DIY & Hardware Store Market in China is heavily impacted by macroeconomic factors such as consumer confidence, disposable income, and economic growth. The country's strong economic growth, supported by government initiatives and robust investment, has led to a rise in consumer spending and an increase in demand for home improvement products. Furthermore, favorable fiscal policies and a growing middle class with higher disposable income have enabled consumers to invest in DIY projects and home renovations, driving the growth of the DIY & Hardware Store Market in China. Additionally, the rise in demand for environmentally sustainable products has also influenced market growth, with consumers opting for eco-friendly and energy-efficient solutions for their homes.

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.

Overview

  • Revenue
  • Sales Channels
  • Key Players
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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