Rising number of households, hotels rooms and hospital beds coupled with growing demand for premium quality, therapeutic mattresses and increased spending power of Filipinos were the key factors driving growth in the mattress market in Philippines.
Over the past few years, the Philippines had been gaining importance as a popular tourist spot in the Asia-Pacific region. The number of tourist arrivals to the country has seen a considerable growth in the past five years setting an opportunity for growth in the hospitality sector. Owing to this, many major players in the hotel industry have expanded geographically leading to an increase in the number of hotel rooms which surged the demand for premium quality mattresses in the country. In 2016, the largest hospital in Philippines that accommodates 1500 beds has opened in Philippines leading to new orders for mattresses. Moreover, rising population and nuclear families have led to an increase in the number of households in the country. The mattress companies are leveraging the rising spending power of the Filipino customers by offering different models of mattresses through aggressive marketing efforts. Growing health concerns in the country have induced demand for therapeutic mattresses among the Filipinos.
Rise in the standard of living, increasing disposable income, growing modernization and urbanization have stimulated the demand for premium quality mattresses. Philippine consumers have become more open to pay for quality products. In recent times, the consumers have started demanding mattress for special features such as international level, comfortable, elegant, classy finish, luxury, better support and others. There has been a drastic fall in the sales of entry-level mattresses due to the change in customers’ preferences. With increase in the disposable income the standard of living of the consumers has also increased, which is encouraging them to opt for premium quality mattresses. This trend will drive growth in the production of luxury mattresses within the country.
According to Analyst at Ken Research, in recent times, there has been an evident shift in the manufacture’s approach for promoting mattresses. The promotions started becoming functionality centered which means that, the manufacturers have started promoting mattresses pressing on the benefits attributed with the use of mattresses offered by them. The companies are putting a considerable effort to educate people about the relation between a good quality mattress and sound sleep resulting in a healthy lifestyle.
According to the report “Philippines Mattress Market Outlook to 2021 – Expanding Healthcare, Hospitality sector and Rising Number of Households to Foster Growth” by Ken Research, a multi bagger CAGR of 11.0% is expected in terms of revenue in mattress market in the next 5 years till 2021.
Topics Covered In the Report
- Uratex Foam Mattress Sales Philippines,
- Philippines Mandaue Foam Sales,
- Mattress Sales Online Philippines,
- Mattress Sales in Metro Manila,
- King Mattress Sold in Philippines,
- Queen Size Mattress Sales in Philippines,
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Ankur@kenresearch.com
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