COVID 19 is a global pandemic of which everyone is aware. It isn't any hidden story of how COVID 19 has impacted every life sector, but the major change was seen in the economic sector along with changing business dynamics.
Businesses and a couple of markets drowned in the pandemic while several others took flight. Through this topic, we will discuss how the COVID 19 pandemic left impressions on the sleeping mattress market.
Keep reading to know the in-depth analysis covering key points like Mattress industry Statics (pre-pandemic and post-pandemic), market overview, mattress market trends, major leading mattress companies, and many more detailed points to cover up for global Bed Mattress Market.
During the Pandemic period, more than 60% of work was shifted towards online. People started earning through more than one way which was a rise in the income of the middle-class sector.
People also became more and more cautious of their health. Increased real estate and share market investments supplied a handsome amount to the mattress industry. This impacted the mattress industry. But before going into the depths of the subject, let's start by looking into the roots.
Mattress industry statistics
A research study by Technavio conducted and monitored the statistics of the sleeping mattress market. The estimated growth at a CAGR by the study was around 8% for the timespan of 2020 to 2024 which was around $14.36 bn.
Although a lot of ups and downs were seen in the mattress business due to COVID 19, the growth of the sleeping mattress market has taken a considerable turnover by almost 11% at a CAGR in the mid months of 2020.
That goes for overall 5 years in one go. More analytics studies and reports say changes would be more in the coming 4-5 years.
Though the industry statistics can't be evaluated in immediate response, the slow results over 2 years have shown good signs for the mattress market during the pre- & post-COVID-19 analysis.
Mattress market trends before the pandemic
Before the outbreak of a globally affecting pandemic, the trends in the mattress market was to just supply household requirements of mattresses and certain others like hotels, lodging-boarding needs, and a bit in medical requirements.
It was just a commonly used household equipment to serve a quality sleep. The trends were only serving customers with good services and meeting the expected revenue chart.
What mattresses are dominating the market?
You can't come to the exact conclusion about the favourite or most likeable mattress in the market. A majority of unconditional factors affect the mattress market too.
To point out, we can say the local manufacturers grab the consumers attention to some extent. The not so famous companies offering a pocket loving budget (best budget mattress) gets into the limelight.
However, we can always conclude the dominating mattress in the market by looking at the sales charts, revenue turnovers, production demands and feedback.
- Serta Simmons Bedding
- Tempur Sealy International
- Sleep Number
- Hilding Anders
The above names are considered as the leading mattress companies (We have concluded with these results by checking out their lead sales and business tactics).
Why are they dominating?
Well, the answer is they have got the exact pain point of the consumers and are way too fast to prescribe the solution.
And when it comes to mattresses, the most in demand are the Innerspring Mattress, Foam Mattress, Latex Mattress; ranking respectively in the race of choices.
Innerspring mattresses are leading ones due to their multipurpose recruitments in all the major sectors like Private Households, Hotels, the Tourism industry and Hospitals.
Major players in the UK and the world
To date, the major players of the Bed mattress market in the UK are Silentnight Group Ltd, Carpenter Ltd and Blue Group Hold Co Ltd. There are several more to name, but these companies have consistently kept their ranking intact.
While looking around the world, it can be said, the Bed Mattress industry flourished gloriously in the three portions of the planet. It's spread from the tip of Europe including the states of the United Kingdom, Germany, France and Spain reaching the American states of the United States and Canada, and lasting till the Asia-Pacific region of China, South Korea and India.
COVID-19 impact on the mattress market
How COVID 19 has its hands in the global mattress market here?
COVID 19 had been the most disturbing pandemic to date. Where it went from making people locked in their own houses to hospitalised for many days or weeks or months. All these circumstances created conditions favourable for Bed Mattress Market globally.
Let's see how:
- A majority of the population went offline in the comfort of their homes due to the lockdown. The more people are at home the more they need comfort and luxurious sleep. All the work shifted in an online mode made people more exhausted than their office work. Several reports stated people felt more tired working at home or sitting at the same place for several hours.
- Lockdown in the pandemic changed the regular schedule of people. The sleeping hours were disturbed, the normal routine was changed. People adapt in their ways, but the human body takes time. Lockdown made people clumsy, distracted and miserable due to deadlines, work issues and many more.
- However, the relief factor was everyone was able to work from their bed. People opted to have a good sleep after their whole day lockdown experience. People require a good sleep whenever they are tired, unhealthy, sleep deprived, stressed or groggy. Unknowingly or knowingly all of the above-mentioned were symptoms of COVID. And a good sleep always suggests a comfortable mattress to sleep ultimately leading to a sale of the mattress.
Mattress industries took the chance, fulfilled the requirements and gained their profit percentage. The increased requirements of recovery beds and continuous increase of treatment beds in the hospitals gave momentum in the production of mattresses to go with the beds.
Example: To take the opportunity Kingsdown, in April 2020, expanded the production to meet the requirements of mattresses due to the rising number of COVID-19 cases earned a fortune.
- Home locked people during the pandemic boomed e-commerce websites by shopping online (Buying the mattress online). Thus, there was a rise in the purchase of comfortable mattresses by people sitting right next to their windows sipping coffee.
- Mattress companies earned through several ways. They cut off the middleman services by selling it to their audience via their websites or direct purchase optimizations.
This elimination directly saved them a chunk of commission charges. Furthermore, companies made varied changes in their production that accurately fitted the needs of the people - From easy packaging to easy installation processes, from easy transportation to easy customer interference, the industry people precisely monitored everything.
- Mattress companies also leveraged the cost of mattresses at 40-50 per cent cheaper rates than the market. (since the amount was a save on middleman expenses) Pandemic effectively rolled down the idea of antibacterial or hygienic products, to which companies way too easily put forth the concept of antibacterial, natural or hygienic mattress ideas to their ideal audience.
Take the example of the Livpure company or Durfi Retail Pvt. Ltd
Pritesh Talwar, CEO of Livpure
"We launched several unique sleep products, one of them is the all-Natural Ayurveda-inspired mattress. It is India’s first all-natural Ayurveda-inspired mattress made from materials like plant and nut-based oils and sandalwood infused latex. This was one of the first products that we launched when we started the sleep and wellness BU earlier this year."
Balasubramanyam SV, Founder, Durfi Retail Pvt. Ltd
"Most of the Indian mattress brands don’t have certified products when it comes to hygiene standards. Post-COVID most of the consumers are looking for certified products to protect their health from unwanted microbes, we have rolled out our UltraFresh certificate on our products, we have rolled out our new innovative product - Hemp Seed oil-infused Indian mattress.
Low cost and innovative products are favourites of everyone and hence these mattresses were a hit in the market. To enhance more, many brands kept building and improving their customer base by establishing customer relationships across several channels and platforms.
Increasing back and posture-related problems
This too was a reason for the shift of the mattress industries. People due to work from home mode adapted their home environment to work.
Yet no proper alignment or no proper workspace resulted in innumerable posture-related health issues and constantly increasing back pain.
To count on there are more and more reasons to blame for back pain but COVID was entitled to the specific reason in the period. The Bed Mattress Market again grabbed the opportunity to meet the needs of people.
They designed and crafted unique mattresses to satisfy their customers. Consumers too accepted the designs and helped the market to keep floating in drowning situations.
An example is from Wakefit. co
Ankit Garg, CEO & Co-Founder, Wakefit. co
"Wakefit.co’s R&D process is driven by constant customer feedback. It’s an ongoing process of open communication that helps us to evolve continually. Our Orthopaedic Memory Foam Mattress, for instance, is the result of extensive R&D with the latest technologies with optimal spinal alignment, benefits of memory foam, and adequate air circulation, all of which ensure a better quality of sleep."
Market overview pre-pandemic was not much growth and even if there was growth, it was quite minimal to turn the market upside-down.
The last value of the global Bed Mattress market was taken in 2018 which was closed at a total of 30400 million USD but the estimated revenue of the Bed mattress globally was made to be around 45200 million USD in around 5-6 years i.e until 2025, in running period of the pandemic and hopefully soon after post-pandemic.
Reports indicate that COVID 19 has impacted the following points in the mattress market.
- Production of the mattress
- Demand for the mattresses
- Mattress market disruption
- Enforcing the supply chain market
- Impact on the market economically
So, it is crystal clear that COVID 19, has made a positive impact on the mattress market globally.
What can we expect in the future?
From the studies, reports and analysis continuously made available on the impact of the COVID 19 effect, it is quite clear the world would need a good time to recover from COVID, and henceforth is applied to the mattress industry too.
The companies keep updating and optimising the key features of the mattresses, and adopt new technological tools to serve the best service experience to their customers.
If the focus is driven by any certain company on quality, customisation, better sleep experience then surely the market value will be stable in a longer reign. Results can be drawn by customer interference and based on the CRM ( Customer relationship management) system.
Mattress industry over a period has seen the results if their relationship between customer and product is better. If the companies try to be around the needs of the customers i.e if a product can satisfy and fulfil the need for a sound and healthy sleep, the sales will be touching the sky.
As we learnt earlier COVID has been a booster in the mattress market, and hence to sum up the overall statistics and analysis, we can conclude that COVID 19 will create more growth and bloom in the sleeping mattress market in the coming time.
However, circumstances will return to the normal phase again over a period, which means the market will too return to normal phase post-pandemic and will continue to be normal as it was before pre-pandemic if there are no sudden changes. The future expectation from the Bed Mattress Market can be positive and hit the seventh sky.