The Toronto mattresses industry is growing steadily, with increased consumer awareness of the importance of good sleep and increasing awareness of the health benefits of good sleep. Besides, an increasing number of consumers suffer from back and spine ailments, making it imperative to purchase a new mattress every couple of years. However, while the market for mattresses is still growing fast, the industry is facing some challenges. Listed below are the reasons that may contribute to the increased demand for mattresses in the coming years.
As consumers gain income, more people choose to buy new mattresses. Moreover, more people buy mattresses for their homes as their sleeping comfort is of utmost importance. The rising population in cities further supports the growth of the mattress industry. The rising cost of living and fewer people renting homes are also two reasons behind this growth. In addition to this, increased homeownership rates have led to increased adoption of mattresses, cheaper than renting.
Rising disposable income:
Another factor contributing to the growing demand for mattresses is rising disposable income. Due to the rising homeownership rate, many people buy new mattresses for their homes. In addition, the increasing population and the increasing number of nuclear families are driving the demand for new mattresses. This trend is also attributed to the influx of new immigrants. As the housing market grows, the number of people moving to cities is expected to increase, and the number of people purchasing new homes is expected to rise.
The rise in homeownership:
The rise in homeownership is a major contributor to the growth of the mattress industry. As disposable income increases, more people can afford new beds and mattresses. Increasing homeownership rates is an economic driver, as consumers increase the number of people living in homes with beds. This trend is likely to continue through the 2020s. Furthermore, COVID-10 and COVID-19 outbreaks are hurting mattress sales.
According to the Organization for Economic Co-operation and Development (OECD), many households are increasing in many countries. This trend is also a major driver of the growing demand for mattresses. Moreover, the increasing demand for residential homes is a major factor in the growth of the mattress industry. For this reason, the market for mattresses is expected to continue to grow at a steady pace.