As per the Organization for Economic Co-operation and Development (OECD) Better Life Index, the average per capita household net-adjusted disposable income in Canada is $30,854 a year. Further, Statistics Canada states that the adjusted household disposable income of the country increased from $1,623,255,000,000 in 2019 to $1,765,305,000,000 in 2020. The rising disposable income is encouraging the people of Canada to replace their old mattresses with new mattresses and accessories to lead a comfortable life.
Additionally, the soaring number of immigrants is expected to propel the Canadian mattress and accessories market at 1.7% CAGR during the forecast period (2019â€“2024). The market was valued at $2,468.7 million in 2019, and it is projected to generate $2,689.8 million revenue by 2024. Statistics Canada has recorded the entry of over 341,000 permanent residents in the country in 2019. As per the organization, more than 404,000 temporary work permits and 402,000 study permits were issued to the immigrants in Canada in 2019.
Currently, mattress and accessories manufacturers in Canada are engaging in product launches and mergers and acquisitions to offer improved products to their existing and prospective customers. For example, in April 2019, DirectBed introduced the Pure Zee Mattress Collection comprising of three types of mattressesâ€” Louise Suite, Logan Suite, and Hudson Suite. These mattresses are made of natural materials, such as latex, bio-foam, gel foam, and cool gel, and are priced between $376 (CAD 500) and $1053 (CAD 1400).
According to P&S Intelligence, the Central region accounted for the largest share in the Canadian mattress and accessories market during the historical period (2014â€“2019), and it will continue this trend throughout the forecast period as well, owing to the presence of a vast population in major provinces of the country, such as Quebec and Ontario. As per Statistics Canada, the population of Quebec and Ontario surged from 8,578,300 in the third quarter (Q3) of 2020 to 8,604,495 in Q3 of 2021 and 14,745,712 in Q3 of 2020 to 14,826,276 in Q3 of 2021, respectively.
Therefore, the booming disposable income of people and the growing number of immigrants will accelerate the adoption of mattresses and accessories in Canada.