Sales hot up in October for Plumbing & Heating Merchants
The latest figures from the Plumbing & Heating Merchant Index (PHMI) report show total value sales for October 2024 through specialist plumbing and heating merchants were up +5.2% compared to the same month a year before. Volumes increased by +9.3% while prices dropped -3.7% year-on-year.
With one more trading day this year, like-for-like sales (taking trading day differences into account), were +0.7% higher than October 2023.
Month-on-month, October value sales jumped +16.9% compared to September. Volume sales climbed +13.9% and prices also edged up +2.6%. With two more trading days in October, like-for-like sales were +6.7 % higher.
Total value sales in the three months from August to October 2024 rose +0.6% compared to the same period a year ago. Volume sales were up +4.9% but prices tumbled -4.1%. There was no difference in trading days.
Value sales in the three months August to October 2024 were +10.1% higher than the previous three-month period (May to July 2024). Volume sales were up +4.2%, and prices also increased +5.7%. With one more trading day in the most recent period, like-for-like value sales were +8.4% higher.
Plumbing & Heating merchants’ value sales in the 12-month period from November 2023 to October 2024 were down -1.0% on the previous 12-month period (November 2022 to October 2023). Volume sales were slightly up (+0.5%) but prices were down (-1.5%). With three more trading days this year, like-for-like value sales were -2.2% lower.
October’s PHMI index was 119.6. With two additional trading days compared to the base period, the like-for-like Index was 107.5.
Mike Rigby, CEO of MRA Research, which produces the report says: “It’s been a bumper start to the heating season for Plumbing and Heating Merchants, with values and volumes up both year-on-year and month-on-month in October. A welcome upturn in fortunes after a subdued year, and there may be more good news in the pipeline.
“GfK’s long-running Consumer Confidence Index climbed three points in November to -18, with all metrics improving since October. The biggest improvement was in major purchase intentions, which rose five points to -16. This bodes well for both the housing market and RMI activity in the New Year.
“The Prime Minister’s recent ‘plan for change’ speech will also bolster sentiment in the construction industry, with the 1.5m homes milestone again reaffirmed. This is great news for Merchants, the supply chain and trades – if the industry can pull it off! Doubts still remain about where the extra skills and labour will come from to build so many new homes.
“With a major ramp up of housebuilding, a possible uplift in RMI spending and the implementation of the Future Homes Standard, 2025 could be a year of challenges and opportunities for Plumbing and Heating Merchants.”
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.
To download the latest report, or learn more about becoming an Expert, speaking on behalf of your market, visit www.phmi.co.uk.
