The value of the global mattress market is expected to more than double from 2021 to 2030, with an average annual growth rate of 3.7%. The adult mattresses segment contributes the most significant share to the overall mattress market in 2022, accounting for 60.9%. The segment is expected to grow at an average annual rate of 4.5%, with an estimated market share of 64.2% by the year 2030. In 2022, king single mattress sale held a market share of 26.9% in terms of mattress size. As of 2030, the sector is forecasted to grow by 3.7% annually, with a market share of 28.4%. In terms of mattress type, the innerspring single mattress market holds the highest share at 41.8%, followed by pocket spring single mattresses at 27.7% and hybrid single mattresses at 22.8%. Even though memory foam mattresses have become a general commodity, companies have delved into the single market, thus warranting an in-depth study. The single segment is appealing to new homeowners, newlyweds, or single bachelors, as well as retirees and the elderly who request ample personal space. Additionally, the results of a recent study showed that the majority of homeowners have two to three family members. As a result, they are more likely to require a single and at least one super single mattress for their children.
The mattress industry is expected to grow, owing to the advent of cost-effective and environmentally friendly foam mattresses. Increased consumer interest in green materials and the involvement of middlemen, as well as online transactions, are expected to leverage this growth. Additionally, the industry faces several challenges, including ongoing competition, changing demand for traditional mattresses, rising mattress erosion rates, and fluctuating raw material prices that continue to have an adverse effect on profit margins. Nonetheless, a very significant factor contributed to the growth of the Singapore mattress market: the Home Ownership Scheme has encouraged greater home ownership among citizens. Additionally, as a result of their affordable prices, more individuals might now afford to purchase their own homes directly during the selling process, which occurred once a month and was open to anyone. However, potential buyers are only allowed to purchase a flat in a non-mature estate. They must also consider the restrictions of the Minimum Occupation Period before deciding whether or not to purchase a home in the neighborhood.
Furthermore, records indicated an elevated single mattress sale trend from 2018 to 2020. Singapore has four different types of homes: one-room flats, two-room flats, three-room flats, and four-room or larger, and five-year single mattress sales with the largest percentage of sold flats. With that in mind, we intend to conduct a comprehensive examination of the single mattress sale market and expose the habits and attitudes of single mattress purchasers. Some basic information is necessary to begin understanding the behavior of single mattress purchasers, such as citizens’ attitudes toward making important choices and their connections with home ownership. We demonstrated a lack of qualitative and quantitative proof following extensive research of the subject matter. This market analysis provides basic knowledge about individual mattress and single size bed Singapore users.
Overview of the Mattress Industry in Singapore
In Singapore, most people grow up on innerspring mattresses due to a combination of their comfortable ride and low cost. Although the development of a modern mattress market in the 1980s gave some manufacturers and suppliers a chance to enter this market, most Singaporeans still prefer innerspring mattresses today. Mattresses available in Singapore include innerspring, foam, water, air, baby, and custom, among others. The sale of single mattresses within Singapore currently makes up about 20% of the mattress market.
Single mattresses are geared towards children, adolescents using only a single bed, and the elderly. Factory wooden bed frames and mattresses are replaced every 4 to 8 years depending on the parents’ preference for changing due to warranty issues or possibly adopting their child into a bigger bed as soon as the child enters nursery, from room sharing with the parents. Additionally, there is increasing trade in mattresses or bed frames from other parents in which custom-made bedding sizes would not fit into today’s factory furniture. The single mattress, then, is the model where sales reflect yearly births. One could also say that once every twelve years, the super single industry would have a 30% surge in demand. Singapore imports nearly all of its mattresses due to low export costs, high import taxes, and a small local population for the workforce. Singapore is able to buy products at factory prices and originates brands for its needs to meet the standards of its increasingly diverse ethnic market.
Factors Influencing Consumer Decision-Making in Purchasing Single Mattresses
Various factors come into play when determining which mattress to purchase. The psychological, practical, and societal aspects such as brand perception, consumer preferences towards level of comfort and other features, suitability of the mattress to lifestyle, demographic variables such as age, price bracket, and life situation, favorable reviews from reliable developers and other consumers, or recommendations from peers or online communities on social media play a large role in determining which mattress the targeted consumer decides to purchase. For younger adults and teenagers, spending money on a good quality mattress is especially important because of the effect it holds on concentration, mood, academics, work, and physical health. Many consumers rely on low prices and promotions to afford what they might not otherwise, such as students or young adults with financial difficulties, getting their first jobs or moving out on their own and into their first apartments.
Many students or teenagers live in small rented apartments and do not have space to keep a second bed for their friends or family members who spend the night. The ability to keep a bed close by and in a closet is a desirable feature, as such students and young professionals are seeking folding or roll-out beds with small, single mattresses that can be used in a small space. Price, income, level of concept, and lifestyle play a major role in consumers’ mattress buying behavior. A well-done marketing campaign runs and is hard to miss and therefore creates awareness of a brand, while a poorly run campaign can be ignored.
Price Sensitivity and Budget Constraints
Price sensitivity is a primary motivator for consumers in the single mattress market in Singapore. If consumers cannot afford the mattress they desire, they may substitute the purchase for a cheaper model or delay their purchase altogether. In a premium mattress retailing context, affordability is essentially the primary motivation of the consumers. As such, at any point in time, several price-conscious consumers are likely to be searching for suitable products in the market.
Price elasticity of demand measures the extent to which the collapsible mattresses market is price-sensitive. Typically, not all consumers prefer buying mattresses that incorporate built-in features which degrade in quality over time. The most demanded mattress characteristics are economical benefits, healthy attributes, and customized features. As we determined earlier, as household income increases, consumers are more likely to see the importance of these features; the greater the consumer’s income, the greater her preference for price-sensitive premium products.
To suit the tastes and preferences of consumers, most branded mattress companies worldwide offer discounts, promotional gifts, and free home delivery services, and they regularly hold sales. Companies, especially those in Singapore at innovative but mature stages of the economic cycle, use these strategies to generate foot traffic and sales to hit quotas or excess stock levels. Retailers and manufacturers are aware that in Singapore, consumers are price-sensitive and require gentle pushes to purchase. Value communication functions to inform consumers of price and service or quality along the following dimensions: financing options, credit terms offered, warranties included, payment protection, and other perks that are value-added to the consumer, such as point rewards or trade-in values. The importance of these components rises sharply if there are financial trade-offs between two or more products among consumers. Consumers have a limited budget for their mattress and bedding purchases. If inflation increases the price of these items, consumers either buy cheaper versions of these products or purchase none at all if there is no perceived value at that implied price. These are the objective premises supporting this study. In these economic conditions where consumers are constrained by inflation and probably low animal spirits, household consumption is expected to slow amidst low consumer confidence and declining discretionary spending. This research seeks to ensure the validity of this assumption and to trace and analyze the likely spending patterns of consumers.
Marketing Strategies and Promotions in the Single Mattress Sale Market
Marketing Strategies and Promotions Drawing from the theories and models of consumer purchasing habits, organizations have developed several marketing strategies to draw interest and reach out to potential consumers. This ranges from traditional brick-and-mortar advertisements and promotions to influencer marketing. Strategies deployed vary from targeting logic-based individuals to consumers who exhibit impulsive purchasing behaviors. Campaigns, advertisements, and promotions vary according to the segment of consumers that the organizations want to reach. These advertisements may come in traditional forms such as print and floor space ads, digital platforms such as social media and display imagery, or influencer partnerships. This is best reflected in the use of social media influencers pushing a single mattress promotion and aiming to appeal to the younger, tech-savvy main market segment. These connections are amplified through either brand exclusivity via experiences utilizing influencers or standard discount-driven campaigns in order to fulfill brand aims of becoming the market leader of single mattress products. Sales can be driven by several factors such as shortage-induced purchases, pressured buys, impulse purchases, rational purchases, and others. Pricing strategies such as lower pricing to undercut competitors, goods feature offers, and payment terms offered can strongly impact the purchasing behavior of all individual types. In addition to constrained decision-making, the time being near a sale event or sales festival can have a positive impact on short-term purchase levels. Building advertising and promotion into sale and/or retail experiences can also lead to customers making purchasing decisions, built as a combination of internal and external influencers. Once targeted individuals have made their initial purchase, they can become ongoing regular consumers, encouraged by the brand, product, and/or overall purchasing experience. This covers the complete engagement of recommended customer-focused purchasing decisions using multiple touchpoints throughout the individuals’ purchasing process.
Comparison of Online and In-Store Sales Channels
The Rise of E-commerce Consumer buying behavior has changed with the rise of e-commerce. As of late 2020, over 40% of Singaporeans shop for items online at least once a month. It was also found that the proportion of Singaporeans shopping for single mattresses through online platforms has surged over the years. This is mainly due to the convenience and ease offered by online shopping, where potential customers are able to access their single mattresses 24/7 despite the time and place. Furthermore, online shoppers benefit from a wider product selection and are not limited by a store’s physical space, able to view and compare multiple products side by side almost easily. Some high-end online furniture and home decor establishments have started integrating augmented reality apps into their websites, allowing their customers to “place” furniture in their homes even when shopping online.
On the other hand, it is suggested that there is still a growing market for in-store shopping. Not all virtual experiences can match the sensual pleasures of in-store shopping, and many people still make in-store purchases for the sheer enjoyment of shopping or shopping for rewards. Furthermore, not everyone is comfortable making a purchase based solely on the images that an online service may provide to them. Some consumers prefer to see a product and then see it again in person before making their final decision. It therefore suggests that while benefiting from the convenience of shopping online, they might also still want to visit physical stores when they have the opportunity, thus showing potential that the two sales channels can work jointly. Even though the actual purchasing decision might be made online, physical showrooms can be great for consumers to “try and test” the comfort levels of different single-size mattresses before making the final purchase. Another interesting finding from a questionnaire survey was that 27.4% of those who visited online stores and actually bought from them would also have liked the option to purchase from a physical store, indicating that the virtual storefront cannot fully replace the appeal that physical stores have. Furthermore, research showed that 65% of respondents who had visited a company’s site actually did make a purchase in-store at a later stage, showing that a strong online presence can act as a successful support to offline sales, leading to more consumer touchpoints with the brand and thus more revenue generated. Customer service excellence within the store is also acknowledged to make a difference with prospective buyers of in-store goods. Opportunities for quality customer service exist within the online retail environment as well, specifically in terms of after-sales support.
4. Trends and Future Prospects in the Single Mattress Sale Market
Consumers are becoming increasingly eco-conscious and, in return, more health-conscious; they prefer purchasing products that do not have any hazardous chemicals. This increasing trend creates an index for manufacturers that proves the growing demand for such mattresses. However, to reach such customers and, in turn, grow the market, a mattress certified with such green and environmentally friendly compliance has a very high demand, even though the price may be higher. Nonetheless, nowadays, the Singapore consumer has become smarter, and only 35% of consumers consider green certified products when purchasing a mattress, while only 29% consider eco-friendly materials. Customization Consumers are becoming increasingly preference- and education-based rather than price-based; many retailers in the current Singapore market are following this trend. Mattresses available in the showrooms are very customizable. Shoppers are impressed with the experience since they are the first to select their comfort preferences and other options for mattress construction. They are investing more time, thereby increasing the chances of a purchase. Therefore, the showrooms are designed in such a way that shoppers can stay for a long time in a comfortable environment.
Impact of Technological Innovations
Technological innovations can shape single mattress sales and how consumers make purchasing decisions in the following ways. First, bathroom technologies have been integrated into mattresses for smart sleeping systems. Sleep technology consists of smart sensors that track the user’s sleep patterns and environment and adjust the partner’s mattress accordingly to help reduce sleep-disruptive factors. Features such as atmospheric sleep music and temperature regulation promote optimal sleep performance. The single mattress market approaches the production methods used to improve quality. The comfort of the single mattress and the value added for the holder are improved. Second, in the COVID-19 era, digital technology has become increasingly integrated into retail operations. Online shopping with enhanced digital features can facilitate and increase customer engagement. Retailers have introduced digital technology in response to the customer benefits of COVID-19, social distancing, and travel restrictions. Some single mattress retailers offer digital technology for customer experience, such as augmented reality technology to measure the right single size mattress. This tool helps shoppers choose the right mattress size that fits them. There is also an online 90-day try-on from home for free, and the employee works to come and collect it if it doesn’t fit.
Third, some single mattress manufacturers in the European Union have introduced IT solutions to remove repetitive work, save time, and increase the amount of production and profitability. They use automation and monitoring, such as camera IoT systems, to track why a laptop’s labeling agent takes less than 70% of the device. They use color checks to realize that they can move color production to the required size and color option. In addition, the company uses digital manufacturing lines to quickly manage production data. The inventor scales everything that works, and when it comes to inventory management, it is immediately reflected in the goal software and updated in production. In addition, the Internet of Things, as well as data analytics, plays an important role in marketing automation and consumer behavior. Retailers can learn more about their customers through CRM data related to requests, online mattress trials, and discounts to enable decision-makers to diversify their marketing responses. However, the increasing pace of innovation and consumer behaviors abound with digital and technological innovations, which brings the risk of changes that point to being impressive business challenges for businesses and is a major consumer avenue that links roughly all products and services classified as single mattresses. Digitization also has the potential to transform businesses from traditional retailers to serve one or more server-based positions. To survive such changes, the business has to keep an eye on what’s new and evolve to meet the expectations of consumers in the digital world to remain commercially viable.
This paper provides a comprehensive analysis of the single mattress sale market in Singapore and dissects consumer decision-making in Singapore. We find that decisions within the single mattress market are influenced by individual preferences, such as price sensitivity and budget. It follows that a large majority of people look to buy affordable mattresses. The largest determinant of consumer behavior lies in marketing, where a relatively even split of online and offline marketing increases consumer knowledge and subsequently their likelihood to purchase. Additionally, we find that there is a shift in technological innovation on the producer side, where sustainability and environmental concern are emphasized as market differentiating factors. This moves alongside the suggestion that marketing strategies should focus on platforms that capitalize on the different benefits of online and offline product recommendations. Those looking to increase sales, particularly to more budget-sensitive individuals, need to consider the strong positive correlation with consumer budgets, corroborating that they influence the mattress decision-making process.
Technological advances and the increasing prevalence of e-commerce have significantly shifted the dynamics of the market in recent years. To thrive, retailers need to focus on product differentiation as well as multi-channel marketing methods to reach wider markets. In light of this, retailers should pay particular attention to their pricing strategies; marketing should carefully outline the benefits on different sales platforms.
There are various avenues for continued research in the sales of single mattresses, including the ongoing trends in online shopping and its evolution into e-commerce and m-commerce. A study on how technological advances in mattress quality can help to drive sales in the next 10 years would also be a welcome study. Likewise, future studies could consider the sales process in convenience and department stores and at specialized retailers. Furthermore, future proposals to investigate consumer decision-making can also factor in the differences in values, lifestyle traits, and influences.