Flourishing Hospitality Industry Impelling Demand for Mattresses in Luxury Hotels
OREANDA-NEWS. The growing economic stability post-recession and the rising disposable income of the people in developing countries have increased the willingness of consumers to pay extra for premium mattresses. Affluent consumers across the globe are ready to spend on mattresses that promise sound sleep and more comfort, thus driving the mattresses market towards growth. Additionally, the availability and option to choose from a wide variety of mattresses, varying in size, style, and firmness have helped the market to grow. According to a report published by Transparency Market Research (TMR), the global mattress market is expected to rise from US$24.70 bn in 2015 to US$43.43 bn by 2024 expanding at a 6.5% CAGR from 2016 to 2024.
TMR analysts shed light on three important questions that companies operating in the mattress market have:
Q. What are the recent developments reported by companies operating in the mattress market?
In January 2016, Simmons Bedding Company LLC, introduced twelve new models to its premium Beautyrest® product range. These new models contain Micro-Diamond™ Memory Foam, which banks on the conductive property of diamond particles to move heat away from the surface of the mattress. These mattresses also feature BlackICE™ Memory Foam, which is designed to keep the sleeper cool and comfortable when sleeping.
Serta Inc. is set to launch its new collection of iComfort mattresses in winter 2016 in the Las Vegas market. These mattresses are expected to feature an advanced material infused with millions of gel beads, which respond to an individual’s need for support and comfort.
The growing urbanization in the emerging nations of Asia Pacific is leading to an increased demand for mattresses. The thriving hospitality industry in emerging nations is creating a heightened demand for high-end or premium mattresses from both luxury and semi-luxury hotels. A rise in the population of people in countries such as China and India is aiding the growth of the market. Emerging nations in the Middle East and Africa and Latin America are also expected to witness a significant demand for mattresses from the hospitality sector.