LONDON, Oct. 26, 2016 /PRNewswire/ -- The increasing population and growing numbers of nuclear families has been increasing the demand for houses, and consequently the market for mattress globally. The increasing migration of people from rural to urban areas, mainly in the Middle East and Asia-Pacific regions is also propelling the demand for mattresses. Owing to the surging property prices, home ownership is becoming one of the factors for social recognition in highly populated countries, such as India and China. The governments in several countries have also considered home ownership, as an important policy goal, and consequently they incentivize it by creating mortgage interest payments.
The demand for mattresses is also being propelled by the growing health concern of consumers. The increasing busier day schedules of the people are inducing mental tiredness in them, thus necessitating the need of a sound sleep. The focus on sleep quality is becoming important in the developed countries, which is resulting in increasing adoption of premium mattresses in these countries. On the other hand, the Asian consumers are increasing their mattress budget to use technologically advanced mattresses, as compared to their traditional cotton-filler mattresses. These factors are emerging as opportunity for market players in the industry.
The different mattress consumers have separate needs for them and according to their need; they are categorized into five groups, as sleep sufferers, mattress involveds, healthy and content, brand selectors, and apathetics. Sleep sufferers are the consumers not able to get a good sleep and experience many sleeping problems. Healthy and content category includes the consumers generally over 60 years of age having least chances that their children are less than 18 years of age. Mattresses of this category include the consumers who are young and have higher incomes so as to pay for a premium mattress. Brand selectors are the consumers, who believe that the quality of a mattress largely depends on its brand name. The apathetics category generally includes males with lower income, who use the mattresses for longer period as compared to other categories.
With increased number of consumers' shifting towards large houses, the numbers of bedrooms in the houses are also increasing, which is consequently propelling the growth of the global mattresses market. Approximately 140,000 new homes were built in the U.K. in 2014, which is 3.7% increase, as compared to that in 2013. The number of homes with more bedrooms has also been increasing in the country. The rising divorce rate is one of the key reasons for the growing demand for property with more bedrooms, as parents may have extra rooms for their divorced children when they come to stay.
Consumer's buying habits have been changing due to increase in public awareness on environmental issues. This has led to a shift in consumers' buying behavior, which is favorable for the environment. Large numbers of consumers are now choosing natural and organic products due to changes in buying habits. The eco-friendly mattresses are generally made of naturally occurring materials and alternatives having less chemical and ecological impact than conventional mattresses.
Polyurethane foam, polyethylene foam, polyester, and steel innerspring components are the key raw materials for mattress. The increase price of raw materials, owing to the price increase of petroleum and steel severely affects the mattress industry. The manufacturers either have to increase price of the final product to offset their increased investment in raw material procurement, or they have to compromise with their profit margins.
The major companies operating in the global mattress market include Tempur Sealy International Inc., Simmons Bedding Company LLC, Spring Air International Inc. LLC, Select Comfort Corporation, Kingsdown Inc., Reylon Beds, Southerland Bedding, and Corsicana Bedding Inc.
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