Plumbing & Heating price rises drive +2.6% Q3 value sales growth
Posted 29th November 2023
The latest Plumbing & Heating Merchant Index (PHMI) report, published in November, shows total value sales through specialist Plumbing & Heating merchants were +2.6% higher in Q3 2023 compared to the same period in 2022 driven by (+5.8%) higher prices. Volumes fell -3.0%. There was no difference in trading days.
Quarter-on-quarter, Q3 2023 value sales were +1.4% ahead of Q2 2023. With four additional trading days in the most recent quarter, like-for-like sales dipped -4.9%. Volume sales edged up +1.6% while prices were marginally down (-0.2%).
Total value sales through specialist Plumbing & Heating merchants for October 2022 to September 2023 increased by +6.9% compared to the same 12-month period in the previous year, but volumes fell -1.2%. Prices increased +8.2%. There was no difference in trading days.
September 2023 value sales were down -2.6% on the same month a year ago. Volumes decreased by -7.0% while prices increased +4.8%.
Month-on-month, September value sales were up +2.6% against August while volume sales dropped -1.2%. With one less trading day in September, like-for-like value sales were +7.5% higher. Prices increased +3.9%.
The PHMI Index for September 2023 was 100.2.
Mike Rigby, CEO of MRA Research, which produces the report comments:
“House building has dropped to its lowest levels since Covid, and new home registrations in Q3 fell 53% year-on-year, according to the National House Building Council. While ONS data suggests private housing repair and maintenance picked up in September (+3.0%), it’s still down -0.3% quarter-on-quarter.
“GfK’s UK Consumer Confidence indicator fell sharply to -30 in October 2023 from -21 in September, against expectations of a continuation of the improvements since the depths of September last year. But the high cost of living and economic uncertainties weighed on sentiment.”
The Plumbing & Heating Merchant Index (PHMI) is the first to analyse point of sales data collated from specialist plumbing & heating merchants with combined annual sales of £3bn, to chart their performance month-to-month.
The PHMI data is from GfK’s Plumbing & Heating Merchant Panel, which represents over 70% of Britain’s specialist plumbing & heating merchants’ sales. The PHMI is a brand of the Builders Merchants Federation, and reports are produced by MRA Research. There is no overlap or double counting between PHMI and Builders Merchants Building Index (BMBI) sales data.