It is evident that the coronavirus outbreak has created a demand shortage for goods and services. However, companies in the luxury and premium mattress market are adopting innovative marketing strategies to boost the uptake of products. For instance, Sweden-based sleep spa Hästens is increasing its marketing efforts for its bed crafted with 168 years of sleep-science technology. Such beds and mattresses are gaining visibility among high-income groups, since the COVID-19 outbreak has exacerbated sleep disorders and mental health illnesses of people.
The lack of sound sleep can affect the quality of life in individuals and make them more susceptible to coronavirus. Hence, manufacturers in the luxury and premium mattress market are capitalizing on this opportunity to increase the availability of products, as the increasing number of people are spending their time indoor. Changing consumer perspective toward sleep and health is creating business opportunities for manufacturers.
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Lack of Technological Advancements in Memory Foam Mattresses Lead to Scientific Considerations
Memory foam mattresses have garnered quite attention in the billion dollar global market for sleep. True body fit comfort and allergy-friendly attributes are some of its advantages that are contributing toward revenue growth of the luxury and premium mattress market. However, it has been found that many consumers complain about heat in the middle of their sleep. Many memory mattresses lack technological advancements, which leads to manufacturers using harmful chemicals to make the foam soft and comfortable. Hence, companies in the luxury and premium mattress market are paying attention to scientific upgrades and government considerations to make memory foam mattresses more comfortable and chemical-free.
The market for luxury and premium mattress is projected to expand at a modest CAGR of 4.5% during the forecast period. Manufacturers are innovating in mattresses that offer pain comfort and less disturbance during sleep.
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Innerspring Mattresses with Foam Cushioning Gaining Popularity
The luxury and premium mattress market is expected to cross the value of US$ 9.2 Bn by the end of 2030. Manufacturers are increasing their production capabilities in innerspring mattresses with foam cushioning to meet sleep requirements of consumers. For instance, the Saatva Classic innerspring mattresses with foam cushioning is gaining increased popularity among consumers, owing to its organic cotton cushioning top and foam edges that reduce sagging and increase sleep surface.
Companies in the luxury and premium mattress market are increasing efforts to expand their business through eCommerce, owing to the possibility of establishing a vast distribution and supply network. They are targeting consumers such as the ones in Sweden who find it common to invest in high-tech mattresses.
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Temperature Regulation, Pressure Relief, Edge Support Preferred in Hybrid Mattresses
Online reviews and recommendations of individuals are either building or bending the credibility of brands in the luxury and premium mattress market. Helpful information about setting up eCommerce business is grabbing the attention of startups to step into the global market of sleep mattress. Manufacturers are producing hybrid mattresses that are designed combining materials and other elements in order to offer comfort during sleep. This sleep aspect has become very important for brands, as they are aware that humans spend almost one-third of their life sleeping.
Pressure relief, edge support, and temperature regulation have become key focus points for companies in the luxury and premium mattress market. For instance, hybrid mattresses by Helix Midnight are being highly publicized for their notable motion isolation and memory foam top layer that provides pressure relief mechanism.
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