South Korea's bed and mattress manufacturers are considering price increases as rising costs and currency pressures squeeze margins, although Ace Bed has pledged to keep its prices unchanged.
© Niwuttipong Sriudon | Dreamstime
Industry sources say Simmons is reviewing a potential mattress price increase due to higher costs for raw materials, labour and logistics. If implemented, it would be the company's first price rise since January 2024. Other brands including Tempur, Enex and Emons are also reportedly assessing price adjustments.
Several manufacturers have already raised prices. Sealy increased product prices by an average of 7.7% in December last year, while Iloom, part of the Fursys Group, raised prices on selected items such as beds by around 6%. Hyundai LIVART, IKEA Korea, ZINUS and Geumseong Bed have also implemented increases.
In contrast, Ace Bed has committed to maintaining its current pricing, having not raised prices since December 2022. The company said limiting widespread price hikes reflects its responsibility as a market leader.
The industry is facing growing pressure from rising costs of imported materials such as steel, foam and lumber, compounded by a weak Korean won against the US dollar. Higher labour and logistics costs have also added to the strain.
At the same time, demand has weakened amid slower housing transactions and increased competition from mattress rental services offered by companies such as Coway, SK Magic and Kyowon Wells.
Source: www.biz.chosun.com
