The mattress industry today
The mattress industry today is one of the most profitable and diverse industries in the world. Once sold in stuffy showrooms, mattresses are now sold online for up to 70% less than they cost in retail stores. The internet has made buying a mattress easy and convenient, and new technology allows manufacturers to market their products globally. Consumers are increasingly turning to online retailers to purchase their mattresses. As the population continues to grow, so will the number of mattress shoppers. Online retailers are gaining market share thanks to changing consumer habits and new products.
The mattress industry yesterday
While the number of retail units in the mattress industry peaked a few years ago, revenue for the sector has never been higher. As long as profit margins remain high, retail locations will likely continue to exist. However, there is a risk that a larger retail chain will threaten this trend and offer mattresses for less and accept a lower profit margin.
While mattress retailers have experienced a boom in recent years, it may be hard to see the current market growth rates for the industry. It’s important to note that these numbers only reflect the largest chains. Often, smaller businesses do not carry the same volume of mattresses and neither can carry the demand of fulfilling the requirements of all sizes mentioned in the mattress sizes chart.
The future of the mattress industry
The mattress industry is set to cross the Rs 14 billion mark by 2021, largely unorganized and occupied by local players. Despite these challenges, there have been a number of promising innovations in the past five years. These innovations, as well as the growing popularity of online players, have spurred a renewed interest in quality sleep in India. This has helped online mattress companies gain market share. By 2022, online sales will double, and take up 30% of the market.
Despite the challenges faced by the industry, there is still hope for the future. Future prospects for the industry of mattresses are promising. The first quarter of 2022 is expected to be the most successful, with a rise of 7.5%. Moreover, the third quarter of 2021 is expected to see the biggest jump with average sales exceeding 15%.
Statistics on the mattress industry
The global market for mattresses is dominated by North America, where it is expected to increase by 5.6% by 2022. It is expected to continue growing over the next four years. By 2025, the global furniture and bedding market is projected to grow from $17 billion to $21 billion, a 23% increase. This is great news for the industry, as it shows that people are willing to spend a lot of money on their sleep. As a result of global urbanisation, the southern region is expected to have the largest share of the US mattress market by 2020. The southern region is home to the largest population in the world, and its fast-growing population means it will be a prime growth area for mattress market players.
The mattress industry in the US
The US mattress industry is helping to increase the housing market, which is contributing to increased demand for new mattresses. According to the International Sleep Products Association, residential housing spending increased by 4.1% in November 2019 from the same period in 2018. As a result, the US mattress market is projected to grow at 3.5% CAGR between 2020 and 2030.
The United States has a large population, and the mattress industry in this country is growing at a faster pace. The fastest-growing regions are in the south, where spending is higher than in the rest of the country. The growing population is also driving the demand for new mattresses, with urbanization pushing the demand for new models and materials.
Amazing facts about the mattresses industry
- In the tech world, the word ‘industry disruption’ is a common buzzword. It means a new company or product that disrupts an established industry and makes it obsolete. The current mattress industry has seen many disruptive innovations, and incumbents have been forced to rethink their business models.
- While there are many reasons why a startup could fail, they may also be the key to success. In fact, the fact that 95% of consumers prefer to purchase a mattress in a store proves that it is important to know your customer.
- The US mattress industry is worth 79 billion dollars and generates $9.2 billion in revenue every year. One of the main factors that propel this industry is the increase in real estate infrastructure.
The world mattresses industry statistics
This report also highlights the key trends in the mattress industry. It includes the trends in filling materials, sustainability issues, and the bed-in-a-box trend. The executive summary explains the global competitive system and includes estimates of the yearly changes in mattress consumption in 2021 and 2022. It also highlights the material breakdowns. Due to increased disposable incomes and new hotels being built in these regions. It is also estimated that the growth of the international hotel chains will lead to an increase in the number of mattresses produced in Asia.
Online purchase mattresses statistics
The figure could increase with the introduction of Covid, a new mattress technology. In the meantime, fewer consumers plan to purchase a mattress from a physical store. Instead, they’re opting for online purchases, and these sales are a good thing for everyone. Regardless of the source, the results are quite interesting. One study by Fluent Research shows that 18% of adults plan to purchase a new mattress online. Because online provides every facility like determining the size of your mattress, trial and use, discounts etc.
Takeaway
The mattress market is segmented by application. The household segment accounts for the majority of sales, followed by the commercial sector, which includes hotels and other business establishments. As a result, many consumers were unable to choose a mattress. In addition, the industry’s revenue will fall by 8.3% by 2020 and 3.9% by 2021. Global travel is expected to decline by 22% by 2025.
David Tobin did his degree in psychology at the University of Hertfordshire. He is interested in mental health, wellness, and lifestyle.
