The disposable income of people in Canada is rising on account of strong economic growth. For example, as per the Organisation for Economic Co-operation and Development, the average annual household disposable income of people grew by 3.6% in 2017 in the country. Ascribed to this, the home ownership rate in the country as well. Furthermore, people are now able to spend more money on luxurious household items. In addition to all this, people are increasingly health-conscious and are willing to pay extra for high-prices heath-improving products. Busier lifestyle of people is resulting in increased mental exhaustion, which is further making a proper sleeping schedule necessary.
Attributed to all these factors, the demand for mattresses, and other related accessories, is increasing in Canada. As per a report by P&S Intelligence, the Canadian mattress and accessories market is predicted to attain a value of $2,689.8 million by 2024, growing from $2,468.7 million in 2019, advancing at a 1.7% CAGR during the forecast period (2019–2024). Between mattresses and bedding accessories, the demand for mattresses was higher in the past. different types of mattresses are latex, innerspring, and memory foam.
Hence, with the soaring immigrant population and requirement of housing in the country, the sales of mattresses and bedding accessories will surge, which will, in turn, result in the growth of the revenue of the Canadian mattress and accessories market, from $2,468.7 million to $2,689.8 million from 2019 to 2024. Further, the market will advance at a CAGR of 1.7% from 2019 to 2024, according to the forecast of P&S Intelligence, a market research company based in India. Between the bedding accessories and mattresses, the sales of mattresses will be higher in the country in the future years.
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Thus, the sales of bedding accessories and mattresses in canada are certain to shoot-up all over Canada in the upcoming years, primarily due to the growing immigrant population and the rising disposable income of the people in the country.