The overall mattress market in India has grown at a CAGR of above 11% over the last five years. The unorganised sector primarily dominates the Indian mattress market, but increasing awareness and an increase in the earning capability of consumers has helped in the growth of the organised industry which has grown approximately at a CAGR of 17% in the last five years, according to various media reports.
It is a well-known fact that consumer spending power or retail sales are the indicators of any country’s economy. If we look at mattress sales, several factors are influencing the segment. In the current COVID-19 outbreak, retail sales across the country have been impacted. However, even though the sales of the mattresses are down, there are indicators which suggest that the sales will improve in the coming months. There could be several factors that will aid in boosting the sales cycle in the days to come. One of the most prominent among them is Online shopping.
ONLINE SHOPS
Yes, Online sales have picked up in India in the last few years. Prominent Online marts like Amazon and Flipkart are already selling mattresses. Similarly, now most mattress manufacturers and retailers are looking to have their Online retail presence, which is seen as a positive sign for industry sales.
LOGISTICS
Another important area where mattress retailers have a positive impact is supply-side logistics. Today, the consumer wants his order to be delivered to his doorstep. Mattress retailers know this requirement, and they have created an excellent logistic system to support their business and meet consumer demands
INCREASING CONSUMER PREFERENCE TOWARDS BRANDS
The third important point is the rising consumer inclination towards branded mattresses. Yes, consumers have realised sleep is one of the top three factors, when it comes to boosting immunity for good health. Hence, they prefer branded mattresses for better comfort and quality assurance.
EXPANDING INFRASTRUCTURE IN THE MEDICAL INDUSTRY
While a visible shift has been observed in consumer preferences and buying behaviour, the COVID-19 pandemic has compelled the Indian hospital segment to ramp up the medical capacity to the mark, for handling any COVID-19-like pandemic situation.
In line with the alarming rise in cases of COVID-19, the medical sector infrastructure in India is expanding. With the number of Coronavirus cases steadily rising, the Indian government is not just expanding the healthcare facilities but also creating multiple new Med-Care centres – PAN India.
This is a good business opportunity for mattress manufacturers who are equipped with various product innovations that are capable of addressing the medical and healthcare industry requirements.
PRODUCT INNOVATION
The industry has evolved manifold and seen the involvement of start-ups in bringing in innovations such as compressing, roll-backing, inner spring beds, latex alternative foam, individually pocketed spring technology, etc. Innovation in the mattress industry has also predominantly increased mattress sales. Due to the COVID-19 epidemic, consumers’ expectations have further gone up for ordering a comfortable & Hygienic mattress along with convenient maintenance.
With these rising business opportunities and changing consumer preferences, the mattress industry is undoubtedly going to witness new trends and innovations in the coming months. Let us wait and watch this exciting space!