2024 fizzles to a close with Plumbing & Heating Merchants Q4 value sales flat (-0.2%) and rising volumes cancelled out by price cuts
The latest Plumbing & Heating Merchant Index (PHMI) report, published in February, shows Q4 2024 total value sales through specialist Plumbing & Heating merchants were marginally down (-0.2%) compared to Q4 2023. Volumes sales increased +5.1% but prices were down -5.1%. With one more trading day in the most recent period, like-for-like value sales were -1.9% lower.
Quarter-on-quarter, total value sales for October to December 2024 were +7.0% higher than Q3 – July to September 2024. This was driven by price increases (+9.9%) as volume sales fell -2.6%. With four less trading days in Q4, like-for-like value sales were +14.0% higher.
Q4 sales weren’t helped by December sales, which were down -2.2% year-on-year. An increase in volume (+6.5%) was offset by a -8.2% drop in prices. There was an additional trading day in December 2024, leaving like-for-like value sales down -8.0%.
Compared to the preceding month, December value sales were down -28.5%. Volume sales were -31.0% lower and prices edged up +3.7% compared to November. With four less trading days in December, like-for-like value sales were -11.6% lower. This is largely in line with seasonal trading patterns.
Total value sales in the 12 months from January to December 2024 were 1.2% down against the annual sales for 2023. Volume sales were up slightly (+2.2%) for the year, while prices decreased -3.3%. With three extra trading days in 2024, like-for-like value sales were -2.4% lower.
The PHMI Index for December 2024 was 81.9. With four less trading days versus the Index base period, the like-for-like index was 99.6.
Mike Rigby, MD of MRA Research, which produces the report comments: “For all the Government’s rhetoric about building houses and getting Britain back on track for growth, 2024 fizzled out with a pretty lacklustre Q4 which left specialist Plumbing & Heating Merchants a few percentage points behind where they were this time last year.
To download the latest report, or learn more about becoming an Expert, speaking on behalf of your market, visit www.phmi.co.uk.
