Market Research Report
AUSTRALIA MATTRESS MARKET - GROWTH, TRENDS, COVID-19 AND FORECASTS (2022 - 2027)
|AUSTRALIA MATTRESS MARKET - GROWTH, TRENDS, COVID-19 AND FORECASTS (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 150 Pages
Delivery time: 2-3 business days
Australia's mattress market developed rapidly due to the growing population in Australia, increasing income levels, and the booming housing market. Other major reasons include the growth of international trade in current times.
The homecare and furniture industries were growing exponentially, but with the outbreak of the COVID-19 pandemic, there has been a rapid decline in the growth of the mattress market. Australia's forty percent of all households are adjusting to a decline in household income, with Generation Z (born 1996-2012) and millennials (born 1980-95) the most affected and least confident of a recovery. Shoppers expect to reduce their discretionary spending across most purchase categories, except for grocery and household products. Furthermore, despite the overall downturn in spending, online shopping and digital activity have grown, mainly driven by the consumers that have maintained their household income. There was an initial decline in the demand for bedding products, such as mattresses. However, due to work from home and social distancing measures, more and more people are staying at their homes. The usage of social media and other online channels increased multi-fold. As homes started becoming the new hubs for work and family time, people are spending even non-sleeping hours on their beds. These all-factors lead to the increase in demand for high-quality mattresses.
Australia's mattress industry is still affected by other factors, such as the speed of renovation of existing houses, expansion of the new houses, and innovation in traditional sleep concepts. Consumer groups are expanding in Australia's mattress market and have the potential for further development. A functional and healthy mattress is highly regarded by consumers in the market due to changing lifestyles and sleep disorders among people. Replacement of bedding is forecasted to lead to the growth of the mattress market in Australia.
Melbourne, Sydney, Perth, and Brisbane were identified as cities leading the way in hotel development. A shift towards experiential travel locally styled hotels and authentic travel experiences is clearly seen in the tourist preferences. Hence, lifestyle and boutique hotels are on the upsurge and their frequent refurbishments and renovations will drive strong growth in hotel mattress demand in the future. The price of hotel mattresses in Australia is expected to rise by 3.0% by 2025. King and queen size mattresses are expected to extend their dominance, going forward as well. Leading players in the industry are looking to introduce oil-scented mattresses for premium hotel clientele coupled with, product innovation and integration of advanced technologies.
The market for mattresses is dominated by spring mattresses, which accounts for two-thirds of industry revenue in 2019. These mattresses use steel springs arranged in certain patterns within the mattress to provide the desired level of support and firmness. There are various types of spring and coil mattresses: Bonnell coils, Marshall coils, offset coils, and continuous coils. Each individual pattern or design has different features and characteristics.
Companies across the world have huge investments in this segment of the market. In Australia, the Mattress market has many companies concentrated over minor shares. Australian Comfort Group, Dyer Holdings Pty. Ltd. - Sealy of Australia, Joyce Corporation Ltd, A H Beard Holdings Pty Ltd., Wonderest Ltd, Koala Sleep Pty. Ltd., Tontine Pty. Ltd, Tempur Australia Pty Ltd are amongst the mattresses, fixtures, etc.
Adoption of smart Mattresses and up-gradation to new mattresses etc leads to increasing competition amongst the company. Innovation and technological advancement taking a pace as the COVID, and urbanization strike general people to the adoption of the new bedding and mattresses.