Mattress Industry Trends
The top three emerging trends that are considered to be driving the global mattress market based on Technavio market research, and are expected to drive the market for a three-year period from 2019 to 2021, are the increased preference for customization, the growing demand for online offerings, and an expanding subsegment of the market for eco-friendly mattresses.
Increased preference for customization
- Preference for customized mattresses is a trend that is driven by the major players in the market, including Casper Sleep Inc., King Koil Licensing Co. Inc., Kingsdown Inc., Kurlon Enterprise Ltd., Leggett & Platt Inc., Paramount Bed Co. Ltd., Saatva Inc., Serta Simmons Bedding LLC, Sleep Number Corp., and Tempur Sealy International Inc.
- The customizations that have recently flooded the market, according to Technavio, include custom mattresses that can suit bolsters, yachts, windows, and V-berths, or even for products such as T-cushions, L-cushions, and chair cushions. Additionally, companies have been offering customizations that allow customers to provide their own specifications for custom-made products that are offered within a premium price range.
- According to Poonam Saini, one of the lead analysts at Technavio for furniture and home furnishing research, "retailers also offer a range of firmness and layering options. Serta, one of the key vendors in the mattress market, offers custom-made mattresses exclusively for its retail partners. Vendors also offer couples the option to customize each side of a single mattress depending on their individual needs. All these factors are increasing the demand for customized mattresses, which will have a positive impact on the growth of the market during the forecast period."
Rapidly increasing online mattress sales
- According to Mordor Intelligence's market research report on the mattress market published in 2019, consumers are estimated to be more comfortable making large purchases over the internet, mainly due to the constant change in the way people think about buying durable consumer products such as mattress.
- Additionally, Internet penetration globally has recorded an average of 56.8% in March 2019, and online mattress companies are opting to sell directly to the consumers, therefore eradicating the middlemen and controlling the costs by eliminating the sales commissions and showroom fees.
- Online mattress retailers also offer a free return window of up to three months which has boosted the sales from a 4.5% growth rate in 2016 to a 5.2% growth rate in 2018, and a projected CAGR of 7.1% from 2019 to 2025.
- According to CNBC, online sales now account for 12% of the $16.5 billion mattress industry, with 45% of mattresses purchased in 2018 happening online, up from 35% for purchases in 2017.
- According to Euromonitor, the leading online mattress company, Casper, has grown its share of the U.S. mattress market to 3.2% in 2018 and now ranks at number seven among all mattress brands in the US, only four years after the company was founded. In comparison, the leading US mattress company Serta only grew its market share by 0.4% in the last four years while shares of the second and third ranked companies shrunk by single digits.
Expanding segment of multifunctional beds
- According to Technavio, leading offline and online vendors that are operating in the global mattress market are increasingly focused on providing mattresses that are manufactured using organic and natural materials, including natural latex, organic cotton, organic wools, and other organic materials.
- Such mattresses contain non-toxic materials and do not cause any side effects nor allergies. Additionally, eco-friendly mattresses reduce the environmental impact of mattress production, and can last longer compared with mattresses made from other materials, further helping the environment.
- The reason why such mattresses are on the rise are two-fold. On the one hand, benefits offered by eco-friendly mattresses go hand in hand with the increasing focus on sustainability, while on the other, such models offer a longevity of product which in turn encourage more commercial as well as individual end-users to buy eco-friendly models.