P&H sales volumes reflect construction slowdown

Figures released by the Builders Merchants Federation (BMF) in the Plumbing and Heating Merchants Index (PHMI) for the final quarter of 2023 continue to reflect the slowdown in construction, with total value sales growth driven by higher prices rather than an increase in sales volume.

Quarter 4 2023 v Quarter 4 2022

Total value sales in Q3 2023 were +0.4% higher compared with the same period last year. Volume sales were down -5.0%, while prices rose by +5.6%. With one more trading day in Q4 2023, like-for-like sales were -1.3%lower.

Quarter 4 2023 v Quarter 3 2023

Total value sales in Q4 2023 were +7.7% higher than in the previous three months, July to September 2023. With four less trading days in Q4, like-for-like sales were +14.8% higher. However, this increase was driven solely by price, which was up +10.1%, while volume sales were -2.2% lower.

Full year 2023 v 2022

Plumbing & Heating Merchants value sales in the period from January 2023 to December 2023 increased by +4.5% compared with the same period in 2022. With two more trading days in 2024, like-for-like value sales were +3.6% higher for the. year. Once again this was driven by price. Volume sales were -2.4% lower, while prices increased by +7.1%.

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.