Last 2019, the global mattress industry was able to reach a value of $30.3 billion. Based on the industry’s success last year, it is predicted that the mattress market will reach a value of $44.0 billion by the year 2025. The industry’s expected Compound Annual Growth Rate for the year 2020-2025 is around 6.2%.
Based on these forecasts, the future of the mattress industry is promising. However, it was turned upside down due to the COVID-19 pandemic.
Mattress businesses are now facing a lot of challenges: the need for stricter cleaning and sanitation processes, implementation of safety protocols for employees and customers, shelter-in-place and stay-at-home orders, shorter opening hours, and operating only on skeletal force.
As a mattress business owner, what can you do to keep your business afloat despite all of these obstacles? During these times, it is crucial now that we go back to this basic principle: give value to your consumers.
How would you determine what the needs of your consumers are? You check out the industry trends. In this article, we will talk about the 4 innovative trends in the mattress business.
The Top 4 Innovative Trends That Will Invade the Mattress Business
“Innovation is the ability to see change as an opportunity—not a threat.” -Steve Jobs
There is an opportunity in every crisis. The only way to take advantage of that opportunity is to do what Steve Jobs would do: innovate.
That’s why your business needs to keep up with the global mattress trends to stay ahead of your competition. Here are some of the trends you should know about:
1. Rising Demand of Luxury Mattresses
People are starting to realize the value of a good night’s sleep and the role that mattresses play to achieve it. Because of this, consumers are more willing to pay higher for beds as long as they deem them worthy.
Surveys show that 71% of the respondents believe that the cost of high-quality mattresses are reasonable, considering the amount of time we spend sleeping.
Based on the mattress statistics from the past year, the sales of entry-level mattresses have dropped significantly. These days, people seek only the best products for their sleep. They now have specific preferences with the type of bed they wish to use.
Regarding appearance, whether it’s a soft or a firm mattress, the preferred focus is always on mattresses made from premium materials and with an elegance and classy finish. Consumers are also more inclined to purchase mattresses with comfort features and better support, as well as other added luxury elements.
To respond to this emerging trend, we can expect to see a rise in the production of luxury mattresses.
2. Bed in a Box Revolution
With the stay-at-home and shelter-in-place orders, it’s paramount for mattress businesses to find a way to boost their online sales. The bed-in-a-box trend makes that possible.
While the compression technology has been around for years, the mattress businesses can enjoy the benefits of the bed-in-a-box packaging now more than ever. With this packaging, mattresses can be shipped at a much more economical and convenient way.
Besides cost benefits, this type of packaging is also more convenient for young couples that are seeking a budget-friendly bed for their new life together as the packaging’s small size is easier to carry inside the house. Setting it up is also not an issue because all they need to do is unbox and wait for it to inflate to its intended size.
3. New Marketing Techniques
As the competition gets tougher, the need for creative marketing strategies becomes bigger. Here are some of the effective marketing techniques that you can use nowadays:
There are plenty of reasons why you should create a campaign that is primarily targeted at millennials. For one, statistics show that the millennials’ spending power is on an upswing, and it won’t go down anytime soon since they are just entering their prime spending years.
Additionally, they are the generation who’s more inclined to replace their mattresses frequently because people at their age are the ones that will undergo plenty of life-changing events in the next few decades.
With this shift in consumer perception and their spending power, targeting millennials is the best move for your mattress business.
Unconventional Social Media Marketing Campaign
Everyone’s in social media, so the biggest challenge is to be unique enough to stand out. You should take a cue from Casper, a well-known mattress manufacturer.
For the past few years, the company has been releasing out-of-the-box marketing campaigns like the Late Night Snap Hacks, Staycation Story Hacks, and the Insomnobot 3000.
Casper was only a start-up then. Through these innovative and unique campaigns, the company was able to make a name in the industry. They also earned the reputation of being a fun and creative mattress company that breaks the norm.
Benefit-focused / Wellness Messaging
These days, most retailers made the switch from highlighting mattress features to selling sleep and its benefits. Casper even took it to a whole new level by pushing sleep to be “the third pillar of wellness.”
This strategy capitalizes on the millennials’ growing obsession with health and wellness. With this consumer behaviour and the COVID scare, people will prioritize wellness the most these days, so there’s no doubt that this type of campaign will be more effective.
Personalization in Consumer Trends
With increasing mattress prices, consumers expect to see products tailored to their specific sleep needs, aesthetic preference, and bedroom requirements. Moreover, studies show that 85% of millennials are more likely to purchase customized products.
To accommodate such needs, the company needs to keep a big inventory of mattresses. Even if companies carry a wide range of products, they won’t be able to satisfy their clients’ needs.
The invention of customizable sleeping accessories is the answer to this big problem. Today, consumers have the option to personalize not just the mattress’s dimensions but also choose materials and layers that will suit their needs.
4. Stay on Top of the Mattress! (Pun Intended)
More and more people are starting to prioritize rest and sleep, and they are willing to invest time and money in finding the right mattress for their needs. That’s good news for mattress businesses.
But as the need for mattress gets stronger and the COVID-related challenges continue to arise, the mattress industry gets more and more competitive. The biggest challenge for you now is to make your mattress business stand out.
If you want to stay on top of the mattress (matter!), you should always be on the lookout for emerging trends in your industry. By capitalizing on these trends, you will not just get to eliminate competition but also come up with products and strategies that can satisfy and fulfil both the needs and wants of your clients.