Americans’ lack of sufficient sleep is a public health epidemic, according to the CDC, and this quest for adequate shuteye has resulted in a sleep economy that is getting more attention.
The health and wellness market is constantly evolving and nearly every industry is looking at sleep as a crucial component to overall wellness and avoidance of chronic stress and burnout.
From smart sleep technology to unconventional sleep categories, we as brand marketers have never been more obsessed – resulting in an entire “sleep economy” set to reach $585 billion by 2024*.
Sleep tech has taken off and new tools are providing holistic monitoring
As consumers, we are buying smartwatches and wearables to track our sleep quality relentlessly and we pony up for the latest, greatest, smart mattresses. Here are a few smart brands to watch:
- Sleep Shephard is a snooze-inducing cap that utilizes the natural workings of the brain’s auditory center to guide you to sleep. It monitors brainwaves and uses a biofeedback system to induce a rhythmic sensation ideal for a sleepy state.
- BelaBeat Leaf is naturally inclined to help you achieve more by giving you insights about your body. When sleep, stress and movements are out of whack, the Leaf sends a notification and prompts the user with solutions.
- Casper, the $1 billion startup that ignited the online mattress-shopping craze, has filed for IPO and has plans to grow by rolling out new products that include digital apps, meditation, sleep programming and counseling. According to the Business Insider, Casper has raised $355 million from investors, such as Target, and was last valued at $1.1 billion.
- Eight Sleep is the first bed engineered to improve your sleep through dynamic cooling and heating and detailed sleep tracking. This high-tech mattress and sleep product are filled with healthcare insights and analytics with the hope of sleep quality and translating to life quality.
Since its start in 2014, the company has raised north of $70 million, according to Forbes, proving that there is untapped potential in the sleep economy than existing players in the space have been able to imagine.
Unconventional sleep categories and partnerships will continue to immerge.
Today we gobble up sleep supplements and food infused with melatonin and CBD, we pay to crawl into nap pods and hire sleep coaches. Here are some and immerging trends and brands to watch:
- 3 million Americans already use melatonin and sales of melatonin tinctures, gummies and drink mixes are expected to increase 12% over the next three years**.
- CBD is being touted as a sleep aid, and is exploding in foods and beverages, with 65% of natural/organic brands planning to include CBD in new products within the next two years***.
- Dosist, offers sleep by Dosist, is a cannabis product designed to help you fall asleep, and stay asleep naturally.
- Nightfood is rolling out nationally with a line of ice creams that complement the human sleep cycle. Their eight-flavor lineup includes After Dinner Mint Chip and Cookies ‘n’ Dreams.
- EnergyPods, such as those offered by Metronaps are being installed in offices, hospitals, universities and fitness centers to encourage sleep on the job acknowledging the link between sleep and improved employee health and productivity.
- Equinox has launched a “sleep coach” program for its members, describing a good night’s sleep as “your body’s own superpower.” Sleep coaches for babies and kids are gaining traction, too.
- Wellness apps are on the rise and those that aim to off more sleep are attracting global brands attention. Meditation app Calm has a partnership with American Airlines, Uber and Sonos and Meditation app Headspace has a partnership with Nike, The NBA, Spotify and several airlines like JetBlue and Delta.
The sleep economy is taking off and brands looking to expand their wellness footprint are taking notice. As we recognize the powerful contribution sleep has to overall mind body health, we can expect brand marketers to continue to develop new sleep solution products, promote sleep as an important product benefit and look for brand partnerships that provide alignment with sleep and overall wellness.
Sources:
*Frost & Sullivan Assessment, 2019.
**Center for Disease Control
*** Nutrition Business Journal Hemp & CBD Guide