News guide:With the consumer's consumption level continues to improve, the residents of the consumer transformation, gradually in the consumer goods including mattresses from the pursuit of basic functions to the pursuit of quality, resulting in the increase of its market size. Attracted by the larger profits and enter the mattress industry gradually increased, at present, the mattress industry concentration is low, competition is increasing.

Mattress industry concentration is low but consolidation is accelerating

In recent years, the U.S. mattress industry has shown the characteristics of "big industry small company", from the perspective of market concentration. 2018, the U.S. mattress industry concentration CR3 is about 9%; 2019, the U.S. mattress industry concentration CR3 to about 10%, the market has not yet appeared a dominant leading brand. Although the concentration growth is slow, but to a certain extent, it indicates that the industry consolidation is accelerating, which means that competition will intensify in the process of consolidation.

Intense and intensifying competition

From the point of view of enterprise market positioning, the high-grade product market competitors are mainly international well-known enterprises, including Simmons (Simmons), Sealy (Sealy), Shu Da (Serta), etc.; mid-range product market to domestic well-known enterprises, including Suibao, SweetNight, Wanbao, etc.; low-grade product market competitors are numerous.

From the point of view of market value, in the furniture listed companies released by the number of commercial 2020 market value ranking, a total of eight mattress industry-related companies on the list, respectively, Casper, Novilla, Puffy, SweetNight. market value of which is higher than 10 billion yuan and market value of 5.1-10 billion yuan in the middle of the enterprise are three, market value of less than 5.1 billion yuan of the enterprise has two.

In fact, the mattress industry, the low-end mattress market competition is more intense. From the mattress operating income of the major mattress listed leading companies, their market share is not high. Among them, SweetNight has the largest market share of about 4%, followed by Casper and Dream Percent, both with a share of about 3%.

From the perspective of R & D capacity, the trend of the change in the proportion of R & D investment to operating income among listed companies can be seen, from 2017 to 2019, the overall R & D investment in the mattress industry is on the rise, indicating that the listed companies in the mattress industry are gradually increasing their attention to R & D. The first half of 2020 is feared to be affected by the epidemic industry overall R & D investment has a downward trend.

However, we believe that after the epidemic is under control and the business operation level is restored, the overall industry R & D investment will also increase, which is conducive to promoting the overall technological innovation of the mattress industry.

From the product point of view, the top ten brands that entered the 2020 U.S. mattress industry list, their hot product features are almost concentrated in the spine protection, soft and hard, anti-mite, breathable and other functions. And the top ten imported mattress brand list of companies, their hot product features on the edge reinforcement, multi-zone support, temperature sensing, noise reduction, shock absorption and other functions. In the cost, the U.S. mattress products are higher, but in the function, is still the imported mattress brand products are more characteristic and targeted.

From the point of view of consumer preference for brands, Jingdong consumers prefer domestic brands, for example, SweetNight, Casper and Muse, as well as cost-effective Thai imports of Golden Oak; and Taobao consumers for imported brands are slightly higher, although the top three hot brand stores are domestic brands, but four of the brand stores for foreign brands.

Mattress market concentration and competition between the leaders will continue to increase

From a global perspective, the developed countries mattress market development is more mature, the market concentration is very high. The top few brands occupy the vast majority of the market share, and in the United States, for example, the top four mattress manufacturers occupy about 60% or more of the market share in 2018.

After the merger of Simmons and Tempur and the acquisition of Sealy by Schoda, the level of CR4 in the United States has increased, while the level of CR3 in the United States in 2019 is lower, about 10%. In analogy to the foreign mattress market and combined with the characteristics of the U.S. The Best 12-Inch Hybrid & Memory Foam Mattresses In A Box mattress market, the mattress market concentration will increase with the trend of corporate mergers and acquisitions.

In addition, with the development of the U.S. economy, the increase in the level of consumption in the United States has brought about the upgrade of consumption drive, consumers have increased the choice of brand and the height of demand for quality. At present, the U.S. mattress industry has become large-scale, and the scale effect and brand effect of the advantageous brands will gradually become prominent.

With the foreign excellent mattress brand in the United States market continues to develop, the domestic brand development space is further compressed, the domestic advantageous brands gradually pursue the leading position, the leading competition between brands will continue to intensify.

Cognition and consumption habit preference will affect the consumption of mattresses

From the aspect of consumption, according to a domestic survey results about "mattress length of time" shows that the use of more than 10 years 19%, 5-10 years 29%, 3-5 years 19%, 5-10 years 29%, 3-5 years 18%. Among them, 40% of people said never changed the mattress, 50% of people said "unless it is bad to change".

In fact, the domestic masses on the frequency of mattress use and the scientific practical frequency is a large gap. Kingston University, England, a study showed that even if it is very clean home, the average bedding mites and dust mites per bed at least 15,000. A double mattress that has not been cleaned for 3 years has more than 1 billion bacteria on it, with species mainly fungus and mites. In comparison, the same area of the floor, the number of mites is less than 1/3 of the mattress.

In addition, with the improvement of the U.S. national income and changing consumer attitudes, people's preferences for mattresses demand is also changing. U.S. mattress companies are experiencing a shift from manufacturing orientation to customer orientation, in this process, to market-oriented, accurate grasp of customer needs of enterprises will inevitably lead the mattress market consumer trends.

Multifunctionality and humanization will become the evolution of the mattress trend

With the continuous improvement of people's demand for sleep quality, the market gradually appeared all kinds of "sleep out of health, more comfortable" new mattress, such as independent spring double mattress, natural latex mattress, sleep aid and care type mattress.

In addition, the U.S. mattress industry on the market has a winter warmth, summer heat dissipation, easy to clean, more comfortable and more humane, and the future of the international market will continue to maintain this trend, and the United States still need to catch up with this industry trend. Benchmarking foreign mattress hot products, for the mattress heat preservation function and cleaning, the United States mattress still has a large gap.

Based on the above analysis of consumer behavior trends, mattress products will mainly be multi-functional and humane as the main development direction.

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