The Global Luxury & Premium Mattress Market
Global luxury and premium mattress market is segmented based on product type (Memory Foam Mattress, Latex Mattress, Hybrid Mattress, Others (Innerspring Mattress etc.)), size (Twin, Twin XL, Full, Full XL, Queen, King, California King, Other Specialty Sizes), thickness (Below 5 inches, 6 – 10 inches, 10 – 20 inches, Above 20 inches), end-use (Residential, Commercial, Hotels, Resorts, Others (Hospitals etc.)), distribution channel (Online: Company-owned Websites, E-commerce Websites, Offline: Specialty Stores, Hypermarket/Supermarket, Other Retail Stores) and geography as APAC, North America, Europe and ROW.
Introduction
The global luxury and premium mattress market is a contributing segment of the global bed and bath linen market. From a top-down perspective, Strategy Here has analyzed the global core materials market as a parent market to set the context in which the global luxury and premium mattress market will be analyzed.
The luxury mattress market is expanding at a modest CAGR due to the demand for luxury mattresses in both commercial and residential sectors. Manufacturers are increasingly innovating in the field of sleep science to offer mattresses that provide sound sleep and can help with pain.
Changing consumer attitudes towards sleep and health is the main factor promoting the growth of this market. Brands are investing in high-tech mattresses as consumers begin to demand more from the industry.
Table of Contents
Market Overview
The global luxury bedding market is expected to grow to $2480.00 million by 2023
Growth momentum is expected to accelerate during the forecast period with an 11.53% CAGR.
The luxury and premium mattress market is registering growth due to the increasing number of people spending time indoors.
Europe and North America are the major consumers in this market.
Key Trends
Growing innovation in the space of natural mattresses that are organic, eco-friendly and non-toxic.
The share of innerspring mattresses is slowly decreasing as it is losing its share to memory foam mattresses that are more high-tech and provide more comfort.
Key Market Players
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.
Growth Drivers and Challenges
Growing hospitality and healthcare sectors are generating demand for luxury mattresses.
Increasing emphasis on sleep and health is propelling the innovation in memory foam, natural mattresses and those with pain reduction properties.
As people are spending more time indoors, they do not mind spending on luxury mattresses that go with their décor as well as provide required comfort.
High price of luxury mattresses mean that they are not affordable for majority of the population.
Dozens of Chinese companies flooded the American market with super-low-priced mattresses in recent years, selling them to retailers for as low as $18 in a bid to grab market share quickly, according to trade officials and mattress makers.