Market Trends of Saudi Arabia Mattress Industry
This section covers the major market trends shaping the Saudi Arabia Mattress Market according to our research experts:
Increase in Home Ownership Drives the Demand for Mattress
The growing number of people living in Saudi Arabia, which is leading to a higher rate of home ownership, is a major factor that is expected to drive demand for mattresses in the residential market. People are moving from the countryside to cities very quickly in the Kingdom of Saudi Arabia, possibly more than in any other country on the Arabian Peninsula. This is putting a huge strain on housing supplies. The Saudi Arabian government is also trying to get more people to buy their own homes, which will increase the demand for furniture in the coming years. Saudi Arabia is looking for private investments of almost USD 50 billion to help build an additional 400,000 homes. The Ministry's main goal is to get private investment by working with interested businesses to build villas and multi-story apartment buildings on government or private land. The number of people living in the country would increase the need for mattresses.
Increase in Tourism Contributes to the Major Share of Commercial Segment
The Saudi Vision 2030 growth project, introduced by the government, seeks to grow tourism earnings to 18% in the forecast period. Along with rising tourism, the idea is to build an Islamic museum that will attract a huge number of tourists, including foreign pilgrims who visit the kingdom for Haj and Umrah. Because of this, the number of places to stay in the country will grow, which is one of the main things that drives mattress demand in the country.
The Saudi Commission for Tourism and National Heritage is seeking private sector investment to complement funds obtained from the Saudi government in the following tourism sub-sectors to meet its ambitious targets: Some of the services you can use are hotels and furnished apartments for lodging, restaurants and cafes, visitor amenities, decentralized tourism agencies, regional expertise, and quality assurance.
