Join In On The Booming Business of Sleep
The CDC says up to 70 million Americans suffer from sleep disorders and calls insufficient sleep a public health epidemic. From new mattresses to sleep spas, the business of better rest is a big one and consumers are emptying their wallets to try and get it.
It’s all part of a booming industrial complex known as the sleep assistance industry, with estimated revenues of at least $32 billion a year.
There are temperature-controlled pillows, high-tech gadgets that track your sleep cycle and mattresses that can cost more than $100,000 — stuffed with genuine horsehair to help keep sleepers cool and dry.
The hotel industry is “in the business of sleep so providing a safe and comfortable place for people to rest should always be on the top of the agenda for operators,” says Jan Freitag of STR, a hotel research firm. “Business travelers … need to be ready to go in the morning, and anything that enhances that sleep experience for them to be more productive is worth exploring.”
So a growing number of hotel properties and brands are rolling out features to help business travelers and other guests get a better night’s rest, from special lighting and plush mattresses to aromatherapy and guided meditations.
The Stay Well hotel program, available at the MGM Grand and Casino in Las Vegas, incorporates numerous sleep-nurturing features. Special lamps simulate the sunrise, gently prodding a guest awake without the blare of an alarm clock. Reddish-hued lights illuminate a midnight run to the bathroom without a bright jolt. Blackout shades allow a tired traveler to doze in total darkness.
Sleep Inn, a Choice Hotels brand, aims to make good on its name with a design concept that revolves around the tagline “dream better here.”
IHG’s EVEN Hotels brand was designed with relaxation, along with energy boosting, in mind. Rooms have specific relaxation, work and workout zones. Beds are outfitted with eucalyptus linens that help guests stay cool, and there are white-noise offerings available through an IHG mobile app to help guests get a good nights rest.
The sleep aids market is large and growing worldwide. Sleep aids include medications and sleep-aid devices for diagnosis and treatment of sleep disorders.
Globally, the sleep aids market is witnessing significant growth due to aging populations, increasing cases of sleep disorders and increased demand of pills to treat those disorders.
In North America the sleep apnea devices market alone is expected to reach $13.5 billion by 2019.
The fact is everyone sleeps, and there are a lot of people who are not getting enough of it for one reason or another. That creates business opportunities to create new products, manufacture products, wholesale and retail sleep products, and supply sleep services to people who want better sleep at home, while traveling, or while being pampered in a spa.
Engage this market with your own business ideas or buy a sleep oriented franchise. Whichever way you choose, you’ll be tapping into a growing market.