The Plumbing & Heating Merchant Index
Latest Monthly Overview
The latest figures from the Plumbing & Heating Merchant Index (PHMI) report show total value sales for August 2024 through specialist plumbing and heating merchants were down -8.5% compared to the same month a year a year before. Volumes decreased -3.2% and prices also fell -5.5%.
With one less trading day in August 2024, like-for-like sales (taking trading day differences into account), were -4.1% lower than August 2023.
Month-on-month, August value sales were down -10.0% compared to July. Volume sales fell -11.7% and prices increased +1.9%. With two less trading days in August, like-for-like sales were -1.4% lower.
Total value sales in the three months from June to August 2024 were down -4.4% compared to the same period a year ago. There was a slight increase in volume sales (+0.4%) while prices fell -4.9%. With one less trading day in the most recent three-month period, like-for-like value sales were down -2.9%.
Compared to the previous three-month period (March to May 2024), value sales in the three months June to August 2024 were -4.9% lower. Volume sales were down -1.7%, as were prices (-3.3%). With two more trading days in the most recent period, like-for-like value sales were -7.9% lower.
Plumbing & Heating merchants’ value sales in the 12-month period from September 2023 to August 2024 were down -1.7% on the previous 12-month period (September 2022 to August 2023). Volume sales were -1.8% lower; prices were flat (+0.1%). With three more trading days this year, like-for-like value sales were down -2.9%.
August’s PHMI index was 90.0 with no difference in trading days.
Mike Rigby, CEO of MRA Research, which produces the report says: “Consumer confidence has taken a hit since the Chancellor’s grim warnings of the painful consequences of a £22bn black hole in UK finances. The first consequence was the withdrawal of winter fuel payments for some ten million pensioners, followed by a reported instruction to Ministers to cut their departmental budgets by 10%! After holding steady in August, GfK’s September Consumer Confidence Index plunged seven points to -20, along with major hits to the way people feel about their personal finances (down -9 points) and their view of the general economic situation over the next 12 months (down -12 points). Business confidence also took a hit.
“But despite the Government painting it black, there are many positive signs. Which will people heed? Will they keep their money for the Government’s many rainy days, or spend on much-needed big purchases, like a new heating system or a bathroom refurbishment? Signs of better times to come include mortgage approvals reaching their highest levels since August 2022; inflation falling to 1.7%, well below the Bank of England’s 2% target; expectations of two further cuts to interest rates before Christmas; and more bulk cement delivered to build new build foundations, which mean more new houses and buildings in the first half of 2025.
“Will the new Government put our money where its words are? A lot hangs on Labour’s first budget on 30 October!”
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.
Based on data from GfK’s Plumbing & Heating Merchant Panel, which represents over 70% of the market by value, the report provides reliable data and a platform and voice for the industry, as well as for leading plumbing & heating brands. It is produced by MRA Research for the Builders Merchants Federation. There is no overlap or double counting between PHMI and the Builders Merchants Building Index (BMBI) sales data.
Monthly & Quarterly Reports
PHMI August 2024 Monthly Report
PHMI July 2024 Monthly Report
PHMI Q2 2024 Quarterly Report
PHMI May 2024 Monthly Report
PHMI April 2024 Monthly Report
PHMI Q1 2024 Quarterly Report
PHMI February 2024 Monthly Report
PHMI January 2024 Monthly Report
PHMI Q4 2023 Quarterly Report
PHMI November 2023 Monthly Report
PHMI October 2023 Monthly Report
PHMI Q3 2023 Quarterly Report
PHMI August 2023 Monthly Report
PHMI July 2023 Monthly Report
PHMI Q2 2023 Quarterly Report
PHMI May 2023 Monthly Report
PHMI April 2023 Monthly Report
PHMI Q1 2023 Quarterly Report
PHMI February 2023 Monthly Report
PHMI January 2023 Monthly Report
PHMI Q4 2022 Quarterly Report
PHMI November 2022 Monthly Report
PHMI October 2022 Monthly Report
PHMI Q3 2022 Quarterly Report (Published 22nd November 2022)
PHMI August 2022 Monthly Report
PHMI July 2022 Monthly Report
PHMI Q2 2022 Quarterly Report (Published 22nd August 2022)
PHMI May 2022 Monthly Report
PHMI Q1 2022 Quarterly Report (Published 18 May 2022)
PHMI February 2022 Monthly Report (Published 21 April)
PHMI January 2022 Monthly Report (Published 22 March 2022)
PHMI Q4 2021 Quarterly Report (Published 22 February 2022)
PHMI November 2021 Monthly Report (Published 20 January 2022)
PHMI October 2021 Monthly Report (Published 16 December 2021)
PHMI Q3 2021 QUARTERLY Report (Published 23 November 2021)
PHMI August 2021 MONTHLY Report (Published 19 October 2021)
PHMI July 2021 MONTHLY Report (Published 20 September 2021)
PHMI Q2 2021 QUARTERLY Report (Published 23 August 2021)
PHMI May 2021 MONTHLY Report (Published 19 July 2021)
PHMI April 2021 MONTHLY Report (Published 18 June 2021)
PHMI Q1 2021 QUARTERLY Report (Published 26 May 2021)
PHMI February 2021 MONTHLY Report (Published 21 April 2021)
PHMI January 2021 MONTHLY Report (Published 19 March 2021)