A similar picture emerges when comparing the first two quarters of 2022.
Figures released by the Builders Merchants Federation in its latest Plumbing & Heating Merchants Index shows that sales values in Q2 2022 increased by +2.7% against Q1 2021, with one less trading day this year. The increase came entirely from price inflation (+8.4%), with volumes down by -5.3%.
However, all three comparators for the month of June were down on their May 2022 equivalents. Sales values in June were -13.6% lower than the previous month, with one less trading day; volumes were -12.2% lower, and prices down -1.6%. After adjusting for trading day differences, sales values were down -9.2%.
A similar picture emerges when comparing the first two quarters of 2022. Comparing the Q2 2022 with the first quarter of the year, Q2 sales values were down -10.6%, with both volume (-8.9%) and price (-1.8%) lower than Q1. After adjusting for three fewer trading days in the second period, sales values were down -6.1%.
The P&H sector continues to be adversely affected by availability issues for certain key products, in particular gas boilers, where supply has been delayed by the global shortage of semi-conductors.
The data for the PHMI is taken solely from P&H specialists, including City Plumbing Supplies, Graham, James Hargreaves Plumbing Deport, PTS 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.
