After the Covid-19 pandemic, the sleeping preferences of Indian consumers have changed. People, especially the gen next, are spending more on mattresses.
A dipstick survey by Magniflex India of around 250 customers says that on average, 50 per cent of consumers spend between ₹10,000 and ₹30,000 on a lower-end mattress. However, the market is changing gradually.
Post-Covid, people have realised the importance of sleep as it helps build immunity for better health. Currently, about 20 per cent of consumers are willing to pay between ₹30,000 and ₹1 lakh, and 5 per cent over ₹1 lakh.
P Venkatesh, a software engineer, who got married recently, subscribes to the view that the mattress should be replaced at least every five years.
The mattress sector is worth ₹12,000-13,000 crore, and of this 40 per cent (₹5,000 crore) is the organised segment. In the last five years, this sector has grown nearly 11 per cent, while the organised sub-segment rose 17 per cent, according to sources.
Investing in high-quality mattresses
Anand Nichani, Managing Director, Magniflex India, says the use of mattresses and the preference for high-quality mattresses increased post Covid.
Customers are now aware of the importance of good sleep for their overall good health and well-being and are considering investing in high-quality mattresses. The premium/luxury mattress segment will continue to gain from this trend.
The Covid outbreak caused many people to place a greater emphasis on the value of health and well-being. People are looking for ways to prioritise their health and well-being because of work-from-home culture, which also causes them to spend more time at home and exposes them to more stress and uncertainty, Nichani said.
People aged between 35 and 55 years invest more in mattresses. This age group prefers premium/luxury mattresses due to their income and purchasing power, he said.
According to Harshil Salot, Co-founder, The Sleep Company, says that the rise of work-from-home culture has led to increased demand for ergonomic mattresses that offer better lumbar support to reduce back pain caused by long hours of sitting.
The company was founded a few months prior to the outbreak but has experienced 100 per cent growth during the pandemic with 10,000 mattresses sold during the pandemic and a 300 per cent rise in mattress sales thereafter.
Ankit Garg, CEO and Co-Founder, Wakefit.co, says the growth can be attributed to the pandemic with individuals confined to their homes. People are now realising that their homes and sleep spaces have become important, and this behaviour continues to drive demand in post-pandemic years.