Retailers expect more double-digit sales growth in rest of year, according to Piper Sandler report
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Mattress retail sales were up 15% in October, the fourth straight month of increases of 15% or higher, according to a new retail survey. And mattress retailers say they expect double-digit growth for the rest of the year.
Piper Sandler’s October Mattress Retail Survey shows a continuation of trends seen in recent months, with unit demand down but average unit price growth driving strong overall sales gains.
The survey, which samples the views of mattress retailers across the United States, found that total sales of delivered mattress, foundation and adjustable base in October were up by a mean of 15% over October 2020, slightly below the mean of 17% growth reported by retailers in August and again in September.
Total unit sales were down by a mean of 5% in October, but AUP growth of 23% pushed dollar growth well into double digits, the survey shows. Retailers reported AUP growth of a mean of 23% in August and 24% in September.
Piper Sandler asked retailers for their fourth-quarter sales estimates: They are predicting sales will be up by a mean of 16% for the quarter. In the September survey, retailers forecast fourth-quarter sales growth of a mean of 12%.
Looking further ahead, retailers say they expect sales growth in 2022 of a mean of 9% for mattress units priced above $2,000. They expect mattress units priced below $700 to show a mean sales decline of 3%.
“We believe this bodes well for premium brands,” Piper Sandler says.
The firm also asked retailers about supply constraints. “Supply constraints continue to be fairly broad-based,” Piper Sandler said. “…Based on conversations, supply constraints across brands seem to be regionalized. Retailers generally expect supply constraints to be resolved in the first half of 2022.”