Price is driving growth in value sales through plumbing and heating merchants, according to figures released by the Builders Merchants Federation (BMF) in its latest Plumbing and Heating Merchants Index (PHMI).
Plumbing and heating merchants value sales in Q3 2022 were 10.8% higher than in Q3 2021. The increase came entirely from price inflation, +10.5%, with sales volume flat at +0.3%. With one less trading day, like-for-like value sales increased by 12.5%.
Performance in the Q3 2022 was slightly ahead of Q2 2022. A comparison of the last two quarters shows value sales in the third quarter were 9.1% higher than Q2. Volume sales were 6.8% higher, with prices up by 2.2%. However, with four more trading days in the most recent period, like-for-like sales in Q3 vs Q2 were up by 2.3%.
Looking at sales performance for the year to date compared to the same period last year, overall value sales in January to September 2022 were 7.1% higher than 2021. Volume sales were 1.3% lower and price up by 8.5%. Adjusted for two less trading days over the first three quarters of 2022, like-for-like sales were 8.2% higher.