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Phoenix Mattress Company Partly Blames Competition For Price Hike
A Phoenix-based company that shook up the mattress industry by pledging, “We charge what we need, not what we can.®,” is raising prices. Tuft & Needle is partly blaming increased competition.
Since launching the online mattress company in 2012, Tuft & Needle said more than 100 companies have copied its model. It includes lower-priced foam mattresses, shipped free in a box, with a 100-day money back guarantee.
In the company’s blog post, Tuft & Needle said it now has to spend more to reach more customers. It also said prices of raw materials for its proprietary foam have gone up.
Starting June 1, the price of its queen mattress will jump from $600 to $750. Smaller mattresses will see smaller increases from $50 to $100. Earlier this year, the company opened a retail store in south Scottsdale.
In its online post, Tuft & Needle said it recently lowered the price of pillows and sheets and refunded the difference to customers who paid the old price.
The company explained that after it increased production of both products, manufacturers lowered the price it charged and Tuft & Needle then lowered the price it charged customers.