From Home Furnishing Business
What Sells: TAKING SLEEP Seriously
2022 by HFBusiness Staff in Business Strategy, Industry
How did you sleep?” A question I ask myself every morning that can determine how I feel about the rest of my day. Now more than ever, our news feeds are filled with the importance of sleep, affecting everything from body weight and heart health to memory and depression. During the pandemic and current recovery, the desire for comfort in all aspects of the home is amplified and it is no surprise that the bedding industry is reaping the benefits. After all, a great mattress is a key ingredient to getting those coveted ZZZZ’s.
A popular choice for consumers looking to combine technological advances in foam with innerspring is a hybrid option, offering the best of both worlds. Finding luck with their best-selling hybrid model, Mlily USA’s President Stephen Chen says, “A good night sleep is a pathway to a healthier life but it’s what’s inside the mattress that really counts. Consumers love the Fusion Luxe because it’s backed by science and includes seven layers of quality materials that combine the strength and support of individually pocketed innerspring coils with the cool plush comfort of our adaptable foam technology for comfort and support.”
When discussing Southerland’s success with the Signature Hybrid Collection, President and CEO Bryan Smith “continues to see an increased number of consumers looking for a hybrid sleep experience, which is one of the reasons this collection is such a big hit. It’s the Goldilocks tale – three of the models are copper-infused latex hybrids, and the other three feature the gel memory foam- but there is one just right for every consumer.”
Along with a growing number of consumers willing to spend money on premium and luxury bedding products, the vast array of choices leads many to spend more time researching online. Over the past decade, the mattress market has grown exponentially. The direct-toconsumer model has produced an explosion of online companies and a variety of options for potential buyers. According to a FurnitureCore Inc. survey developed by Impact Consulting Services, parent company to Home Furnishings Business, of consumers that recently bought a mattress, 27.78% spent one-to-two hours online before making a purchase, 31.95% spent threeto-four hours, 14.58% spent five-to-sevenhours and 12.50% spent seven hours or more.
Increasingly, manufacturers and retailers are looking for ways to improve their sustainability efforts. Consumers are paying closer attention to fabrics and materials, whether that is looking for products that are sustainable and environmentally friendly or hypoallergenic. According to Nick Bates, president of Spring Air International, the best-selling Nature’s Rest line “provides Spring Air’s retail partners with a product offering that attracts consumers who believe natural is better and who have an appetite for a more sustainable natural sleep experience.” In addition to the growing list of mattress options paired with specific personal requirements, the consumer’s awareness that a mattress needs to be replaced periodically keeps this industry thriving. However, the timeline does vary among consumers. Based on the same consumer survey, the majority of consumers, 50%, believe a mattress should be replaced every six-to-10 years. 6.94% of consumers believe that it should be replaced within 5 years, while 34.73% replace their mattress every 11-15 years and 6.94% every 16-20 years. The remaining 1.39% replace every 20 years or later.
Based on the FurnitureCore Industry model developed by Impact Consulting Services, research shows that the bedding category took off in the second half of 2020, finishing the year at $16.74 billion. In 2021, sales skyrocketed 52% from the first quarter to the second quarter. At $15.58 billion in the third quarter of 2021 year-to-date, sales were 25% higher than 2020 Q3 YTD. In this highly competitive category, manufacturers are taking sleep seriously and working hard to provide each consumer with the perfect mattress.