The latest data from the Plumbing & Heating Merchant Index (PHMI) report shows that total sales value for plumbing and heating supplies sold through specialist merchant stores in May 2024 was down 1.9% compared to May 2023. However, the total volume (amount) of sales increased by 5.8%, while prices decreased by 7.3%.
Taking into account that there was one extra trading day in May 2024, the sales on a “like-for-like” basis (adjusting for the extra day) were 6.6% lower than the same month a year earlier.
Compared to April 2024, the May 2024 sales value also decreased by 1.9%. The sales volume was flat (down 0.2%) and prices decreased by 1.8%. There was no difference in the number of trading days.
The total sales value for the three-month period from March to May 2024 was down 3.8% compared to the same period a year earlier. There was a small increase in sales volume (0.8%) but prices were down 4.6%. With one more trading day in the most recent three-month period, the “like-for-like” sales were 5.4% lower.
Compared to the previous three-month period (December 2023 to February 2024), the sales value for March to May 2024 was down 2.0%. Sales volume increased 11.5%, but prices decreased 12.1%. With three more trading days in the most recent period, the “like-for-like” sales were 6.8% lower.
Over the 12-month period from June 2023 to May 2024, plumbing and heating merchants’ sales value was up slightly (0.9%) compared to the previous 12 months. However, sales volume was down 1.9%, while prices were up 2.8%. With six more trading days this year, the “like-for-like” sales value was down 1.5%.
The PHMI index for May 2024 was 96.1, with no difference in trading days compared to the base period.
Mike Rigby, CEO of MRA Research, which produces the report, says: “The latest ONS data reports monthly construction output growing +1.9% overall in May, helped by a +2.8% increase in new housing work and a +0.8% lift in repair and maintenance work. Reasons to be more cheerful perhaps. But this increase has yet to roll through specialist plumbing and heating merchants.
“Consumer confidence has continued to strengthen, with the GfK Consumer Confidence Index registering a three-point increase to -14 in June, the highest level it’s been since November 2021. Consumers are more optimistic about the economy both now and in the next 12 months, and upbeat about their intentions to make major purchases. Is this the combined effect of the prospect of change and its realisation in a new Labour Government that’s determined to remove the barriers to growth in the economy? Hopefully so, as if Labour can come good on its pledge to build 1.5 million houses over the next five years and unblock the economy, it will be a welcome boost to plumbing and heating merchants, trades, and homeowners.”
