The latest figures from the Plumbing & Heating Merchant Index (PHMI) report show total value sales for January through specialist plumbing and heating merchants were up +1.5% in 2024 compared to the same month in 2023. However, volumes decreased -3.7%. Prices increased +5.4%.
Plumbing & Heating merchants’ value sales in the rolling 12-month period from February 2023 to January 2024 were +3.4% ahead of the previous 12-month period. With two additional trading days this year, like-for-like value sales increased +2.6%. This was largely driven by price (+6.6%) as volume sales were down -3.0%.
Mike Rigby, CEO of MRA Research, which produces the report said: “There were few reasons for the Plumbing & Heating industry to be cheerful in 2023 but despite a fall in volumes and continuing price rises in January, there’s much more to be cheerful about.
“The latest ONS figures show that on a sector level, private housing repair and maintenance improved +3.2% over the three-months to January, and in the month of January private new housing volumes were up +2.6%. Inflation is expected to return to more normal levels and interest rates are forecast to fall. House prices are starting to rise again as demand grows and there’s the prospect of better times ahead with an Autumn election.
“GfK’s Consumer Confidence Index dropped two points to -21 in February – but people’s view of their own improving financial situation over the coming 12 months was unaffected – and February’s wobble comes after dramatic improvements in consumer confidence in the previous twelve months.”
To download the latest report visit www.phmi.co.uk
