The surging disposable income of people in Canada is fueling the demand for various housing accessories such as mattresses in the country. Further, the Canadian government is implementing favorable housing policies, which is resulting in a huge spike in the homeownership rate in the country, which is, in turn, propelling the sales of home accessories all over the country. As per the 2017 report published by the Organisation for Economic Co-operation and Development (OECD), the average growth rate of the household disposable income of people was 3.6% every year.
Due to this high-income rate, the sales of houses increased enormously, which, in turn, fueled a sharp rise in the sales of premium home products such as bedding accessories and mattresses, which provide greater comfort to the body, in the country in recent times. Apart from these factors, the increasing immigrant population in Canada is also contributing massively toward the escalating demand for bedding accessories and mattresses in the country.
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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.
The Prairie and Central Canada regions are predicted to observe major demand for bedding accessories and mattresses as compared to the other regions in the country during the coming years. As a result, the Canadian mattress and accessories market will exhibit rapid expansion in the Prairie and Central Canada in the future. Of these regions, the Central Canada region will observe higher sales of these products in the years ahead, on account of the high population levels in the major central provinces such as Quebec and Ontario, with nearly 65% of the total population of the country residing in them.
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.