The mattress industry is a lucrative and stable one. Everyone needs something comfortable to sleep on! But that doesn’t mean it’s an industry immune to market changes. Top mattress firms still need to have their finger on the pulse of current events and consumer demands to stay top of mind for their customers when it comes to getting a good night’s sleep.
How is the mattress industry doing?
Overall, there is a lot of potential in the mattress market. The 2024 global revenue of the mattress market is $38.97 billion and its annual growth rate stands at 4.92%. That’s a large market size and high market growth. The value of good sleep isn’t lost on consumers!
As it’s a product that is used by almost everyone, it’s a product that can be sold at volume or niched down to target a specific customer profile. We are definitely starting to see a focus on solving specific problems from new and established mattress brands supported by the rise of e-commerce.
Global Mattress Industry Data Outlook
Let’s dig deeper into the data insights and market trends informing the mattress industry on the global market as a forecast for the environment mattress stores can expect to operate within over the next few years.
Market Value
The mattress industry market value is expected to increase to $64 billion by 2030.
Annual Growth Rate
Its Compound Annual Growth Rate is around 7% and this is expected to be maintained for the rest of the decade.
Demographics
While pretty much everyone could use a mattress, mattress sales are concentrated on a specific demographic characterized as:
- Age – 18-35 – Millennials are more likely to buy a new mattress because they change their mattresses more frequently, highly valuing a good night’s sleep as a wellbeing factor.
- Sex – Female
- Person With Most Decision Power – People managing a life change such as moving house and starting a family which would require a new mattress.
Profitability
Mattress sales allow for a significant profit margin of around 40-50%.
Current Market Size
The market industry already stands at $38.97 billion.
Largest Mattress Manufacturer (Global)
Tempur Sealy International dominates the global market for mattresses. This company consists of Tempur-Pedic International and its biggest competitor Sealy Corporation. It’s followed by Serta Simmons Bedding, also a mattress company made up of combined forces (Simmons and Serta International). These two frontrunners have a 45.4% global market share.
Mattress Industry Data in the US
But how does what is happening on the global stage compare to the US mattress market?
Market Value
The market value of the mattress industry in the US amounts to $12.55 billion annually.
Annual Growth Rate
The pace of growth stands at 2.79%.
Demographics
The US reflects global market trends with US consumers being primarily:
- Age – Millenials around 18-35 as they have a behavioral pattern of changing mattresses more frequently.
- Sex – Female
- Person With Most Decision Power – People going through life changes such as moving house and starting a family because they have an urgent motivator to make a purchase.
Profitability
The US mattress market follows the global trend of a 40-50% profit margin which is significant compared to other retailers such as grocery stores that operate with a profit margin of about 5%.
Current Market Size
35.9 million mattresses are sold every year in the US.
Largest Mattress Manufacturer (Domestically)
Tempur Sealy has the highest market capitalization of $4.34 billion. This is significantly higher than the runner-up Sleep Number at $0.91 billion.
Who Sells The Most Mattresses in the US?
Mattress Firm makes the most mattress sales in the US as a no 1 retailer of Tempur Sealy.
Average Ticket Price for Mattresses
The cost of a mattress ranges between $300 and $5,000 depending on the mattress size, materials and quality. The average spend per customer is $754.
4 Biggest Growth Drivers in the Mattress Industry
What exactly is keeping the mattress industry growing so healthily despite the factors negatively impacting other industries? The potential for mattress manufacturers and retailers lies in these growth drivers in the mattress space.
Increasing demand
As the population in the US grows, the demand for housing grows. An increase in housing construction results in greater demand for mattresses. With the number of houses in the US rising from 132.29 million in 2011 to 141.95 million in 2021 and mattresses needing to be changed every 5-7 years, the increasing demand is unlikely to slow down.
Consumer spending on furniture
There is a trend of rising consumer spending on home furnishings. US consumer spending on furniture and bedding has grown 44% between 2009 and 2021. People want to curate their homes to be their havens. That includes having a suitable and supportive mattress. That’s why we are seeing millennials more frequently buying new mattresses compared to previous generations. They aren’t waiting as long to go mattress shopping.
E-commerce growth
Online shopping is a great opportunity for established and new mattress firms alike. It makes it easier for customers to buy mattresses. They can browse the options and order their perfect mattress from the comfort of their own home. It also means that a retailer doesn’t have to have a brick-and-mortar store in every state to sell to consumers in every state. Online retailers can reach consumers across the nation and the globe without the expense of in-person mattress stores.
Focus on sustainability
Today’s consumers are thinking about more than their own comfort. Sustainability is a rising priority. Mattress firms that embrace consumer demand for eco-friendly mattress manufacturing will be able to establish a significant competitive advantage. From recycling schemes to organic materials, eco-friendly mattresses are the future.
6 Key Factors Influencing Shoppers While Buying Mattresses
Understanding what motivates customers to buy a mattress is the key to consistent and sustainable sales. How do consumers choose between mattress brands and types? There are a few factors that jump to the top of the list of what buyers are looking for so it’s a good idea to highlight these in your marketing and sales materials.
Comfort and support
This is the no 1 purchasing factor when buying a mattress with 87% of people surveyed ranking comfort as the top reason they’d buy a particular mattress.
Size and thickness
57% of respondents ranked mattress size and thickness as essential buying factors. The mattress has to fit their bed, room and preferences to be worth buying.
Materials and construction
This was listed as a buying factor by 56% of shoppers. There are a lot of options to choose from such as memory foam mattresses, latex mattresses, spring coil mattresses and kingsdown mattresses. Customers want to make sure they are making the right choice.
Reputation
40% of shoppers consider the reputation of a mattress firm before making a purchase decision. That’s where reputation management such as requesting and responding to online reviews and responsive customer communication can make a difference.
Brand
The mattress brand is important to 17% of consumers so carefully consider the brand perception you create. Casper has done this quite well by targeting their marketing to millennials via their most used marketing channels and highlighting their customer profile preferences.
Technology
16% of respondents valued technology when buying a mattress. With new technology enabling greater quality, convenience and customization of mattresses, smart beds could be a future trend in the industry.
Now you have greater insight into trends, innovations, and consumer behaviors that influence the mattress industry, leverage growth opportunities with Podium’s lead generation, customer communication and sales tools.
