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05 Dec 2023
Figures released by the Builders Merchants Federation (BMF) in its latest Plumbing and Heating Merchants Index (PHMI) reflect a slowdown in the general economy with year-on-year sales volumes falling. Year-on-year sales values continue to rise, due to higher prices, but there are signs in the comparison of the two most recent quarters that prices are now stabilising.
Quarter 3 2023 v Quarter 3 2022
Total value sales in Q3 2023 were +2.6% higher than in the same period last year. There was no difference in trading days for the two periods, however, growth came solely from higher prices, which increased by +5.8%, as sales volumes were -3.0% lower in Q3 2023.
Quarter 3 2023 v Quarter 2 2023
Total value sales in Q3 2023 were +1.4% higher than in the previous quarter of the year, with volume sales +1.6% higher and prices marginally down by -0.2%. However, there were four more trading days in Q3 and like-for-like value sales, which take trading day differences into account, were -4.9% lower than in Q2 2023.
Last 12 months
Plumbing & Heating Merchants value sales in the period from October 2022 to September 2023 increased by +6.9% compared with the previous 12 months, with no difference in trading days between the two periods. Price was a major factor here. Prices increased by +8.2% but volume was down by -1.2%.
The data for the PHMI is taken solely from P&H specialists, including City Plumbing Supplies, James Hargreaves Plumbing Depot, Plumbfix, PTS, Williams & Co, and Wolseley, who form part of GfK’s Plumbing & Heating Merchants Panel, and there is no overlap or double counting between the PHMI and the BMF’s established Builders Merchants Building Index which analyses sales at generalist merchants.