Manufacturers Focus on Marketing Around Sleep-science Technology amidst COVID-19 Outbreak
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.
Luxury and Premium Mattress Market: Overview
- According to a latest market report published by Transparency Market Research on the luxury and premium mattress market for the period 2020–2030 (wherein 2020 to 2030 is the forecast period and 2019 is the base year), rising demand for high-end mattresses from users across the globe is expected to drive the luxury and premium mattress market
- Globally, revenue generated by the luxury and premium mattress market accounted for ~US$ 6.2 Bn in 2019, which is expected to expand at a CAGR of 4.5% in terms of value during the forecast period
Rise of Commercial Sector – Hospitality and Healthcare: Key Driver of Luxury and Premium Mattress Market
- According to our study, consumers are opting for mattresses to replace old household comforts with a new home décor product to match the interior design of residences. Nowadays, consumers are more concerned about the appearance of their homes and keen to match them with trending designs of residence interiors. Rising income and improving lifestyle have prompted the purchase of luxury and premium mattresses.
- Growing sectors, such as hospitality and healthcare also focus on interior design. Expansion of hospitality and healthcare sectors leads to rise in business with essential facilities and services required by end users. This is likely to spur the demand for luxury and premium mattresses.
- Rising demand for natural mattresses having hypo allergic properties is increasing the demand for luxury and premium mattresses. Furthermore, awareness among end users about the harmful effects of synthetic products used in regular mattresses has led to the demand for natural mattresses made of eco-friendly materials. Increasing usage of eCommerce sites for shopping is also influencing end users to opt for quality products. This is encouraging the growth of the luxury and premium mattress market.
Online Sales of Luxury and Premium Mattress Market: A Significant Opportunity
- Growth of eCommerce sector has created huge opportunities for manufacturers and distributors in the luxury and premium mattress market. Producers and suppliers of home decor products are focusing on selling their products on various eCommerce websites across the globe in order to cater to a comprehensive range of customers globally. Online shopping has taken precedence over brick and mortar retail in various countries. Online reviews and feedback on home decor products (furniture, furnishing, wall décor, and lighting) also help customers to choose the best products or accessories available in the marketplace.
- Moreover, intense competition among online retailers helps consumers to fetch good deals, when they buy such products through online modes of distribution. A number of home improvement retailers are also entering the online space and offering newly designed home decor products. They are also providing attractive discounts, exchange offers, and installment schemes to customers to drive their attention toward their exclusive range of products. Rise in consumer preference for luxury and premium mattresses, and its materials have encouraged key players to innovate and develop new products to increase capacity, expand their footprint in regional markets, and offer high-quality products to users.
Consumer Shift toward Usage of High-quality Products: Key Trend of Market
- People are spending considerably on the purchase of luxury and premium mattresses through online modes of distribution. Awareness and affordability are the two major factors, which play a vital role in buying decisions of customers. Youngsters are more trusting when it comes to ordering online. These factors are likely to increase the online sales of luxury and premium mattress products in the near future.
- Changing lifestyles and consumer shift toward usage of high-quality products offered by reliable brands by replacing conventional mattresses are leading to popularity and usage of luxury and premium mattresses
- The overall production and supply of mattress products were hampered due to the outbreak of COVID-19. However, it has generated immense opportunities for suppliers or retailers to expand their sales channels and increase the overall profitability of their business. Suppliers are also understanding consumer requirements, their preferences in terms of design, shape, size, and colors of mattress products, and are striving to offer innovative products as per the requirement of users. Online retailers are introducing innovative features in their respective products and offerings.
Long Shelf Life of Mattresses to Hamper Growth of Luxury and Premium Mattress Market
- Luxury and premium mattresses have a product life of minimum nine years. This prevents end users from frequent buying of mattresses. In addition, commercial spaces such as hotels, resorts, and other accommodation centers are opting for cost-effective products of high quality in bulk. This may also restrict the growth of the luxury and premium mattress market.
- Increasing usage of mattress protectors (such as cover or topper) among users to improve the shelf life of mattresses may restrain the expansion of the luxury and premium mattress market
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Luxury and Premium Mattress Market: Competition Landscape
- Detailed profiles of manufacturers of luxury and premium mattresses have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the luxury and premium mattress market include
- Harrison Spinks
- Kingsdown, Inc.
- Femira Bettensysteme GmbH & Co. KG
- Oschmann Comfortbetten GmbH
- Tempur Sealy International, Inc.
- RUF Betten GmbH
Luxury and Premium Mattress Market: Key Developments
- Prominent players in the luxury and premium mattress market are increasing investments in innovative products to fulfill the needs of end users. Manufacturers are also planning to expand their product range and presence in various geographies through mergers & acquisitions and tie-ups with local mattress providers.
- Some other key developments in the luxury and premium mattress market are highlighted below:
- In August 2022, Jensen, a Norway-based bed manufacturer launched the new Supreme ICON bed that combines Norwegian innovation and traditional craftsmanship for the best possible sleep. The bed is the most technically advanced in the Jensen Supreme Collection with a design that gives the eight petal rose pattern a modern and fresh look.
- In January 2022, Duxiana launched its new DUX Element bed with the DUX Smart Module at the Consumer Electronics Show (CES) in Las Vegas
- In October 2019, E.S. Kluft & Company introduced an Aireloom Preferred Collection at independent retailers across the U.S. The new Preferred Collection is designed with temperature-regulating components, eco-friendly materials, and patented technology to provide consumers with the ultimate in comfort and support for a great sleep.
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