America’s sleepless nights spell opportunity for sleep entrepreneurs.
By Rieva Lesonsky
Who more than entrepreneurs knows how much sleep we need—and how little we get? But sleeplessness is no longer confined to college students, new parents and entrepreneurs. According to a report from J. Walter Thompson Intelligence, “As technology has invaded our bedrooms and workers feel pressure to be ‘on’ 24/7, an epidemic of sleeplessness has struck.”
Instead of actually sleeping more, JWTIntelligence says consumers “are trying to spend their way out of the problem” and notes that spending on sleep-related goods and services reached $32 billion in 2012, an increase of 8.8 percent annually from 2008 through 2012.
A report from IBIS World says sleep disorder clinics alone are now a $7 billion industry.
JWTIntelligence cites several new opportunities entrepreneurs have created in the sleep space the past few years. Many are selling new types of mattresses (Casper), offering napping tours and sleep symposiums, content about sleep (Van Winkle’s), sleepwear, such as Sleepy Jones and Lunya, and even music for better sleep (from Oscar winner Jeff Bridges).
JWTIntelligence concludes, “Bedtime has transitioned from a ‘no brand’s land’ to a lucrative and growing market.”
Of course, starting a sleep business is likely to cost you more than 40 winks.