Household expenditure on home hardware in Mexico has been steadily increasing over the past decade, reaching 96.68 billion Mexican Pesos in 2023. This represents a year-on-year increase of 2.99% from the previous year. Notable spikes include a significant 13.22% rise in 2022, while a relatively stable trend was observed from 2017 to 2019 with minor fluctuations.
Looking ahead, forecasted data suggests a continued growth, albeit at a slightly moderated pace. The compound annual growth rate (CAGR) over the past five years stands at 4.5%, indicating robust market health with future projections showing a 2.12% CAGR for the next five years. By 2028, household expenditure on home hardware is expected to reach 110.53 billion Mexican Pesos, reflecting a forecasted growth rate of 11.08% from 2023 levels.
Future trends to watch for include the potential impact of inflation and economic conditions on discretionary spending, possible government policies or incentives affecting home improvement, and technological advancements in home hardware products driving increased consumer demand.