There has never been more attention given to good sleep than there is today. More people than ever are realizing the importance of good sleep and are showing it with their dollars. This is in line with the general trend towards health and wellness and is also a reflection of the changing demographics of America.
New changes in the way people consume sleep products have also had a profound effect on the industry and will continue to do so for the next coming years. And advances in sleep technology will also change the way we sleep for the better. Here are a few things you need to know about the sleep market.
It’s Booming
The market for sleep aids was valued at $28.6 billion three years ago and is expected to grow by 4.7% every year for the next three. There are more sleeping products on the market than ever, and consumers are getting more serious about the quality of their sleep. They’re also much savvier and have more options.
Clients can now use a number of resources to research their next mattress. There are now numerous sites dedicated solely to sleeping products and mattresses, and more online retailers to meet the demand. For example, this post reviews the best soft mattresses and allows buyers to review them based on material, comfort, support, and more. And what’s even better is that the process can be done completely online, which is a big game-changer for the industry.
Limitless Choices
Looking for an all-organic natural recyclable latex mattress made from sustainable sources? You can find it. Or maybe you’re looking for a mattress with a built-in smart heating and cooling function that adjusts to your body temperature? You can find it too.
There was a time not too long ago when you could basically only pick between two types of mattresses, but these days, you have literally hundreds of different options to choose from.
Memory foam mattresses are some of the most popular today for a variety of reasons. Not only do they hug the body perfectly and adjust the amount of support based on heat, but they also have the benefit of isolating movement, which makes them especially popular with couples. These mattresses come in all types of materials, sizes, and densities. And many memory foam mattress manufacturers allow customers to buy their products online following a trial period.
The Sector is Driven by Innovation
The increasing demand for quality sleep products is also pushing innovation in the sector. Companies big and small now have tons of information at their fingertips and are using hard cold data to market and design their products.
And we’re not talking about mattresses only. We’re now seeing sleep wearables making a comeback, and they go beyond simply tracking sleep. Some even emit soothing sounds to facilitate sleep. There is also a variety of aromatherapy products aimed at helping people sleep better as well. Contrary to a few years ago, new innovations are actually backed by scientific fact.
Great Customization Options
Long gone are the days of one-size-fits-all white mattresses. Customization is welcomed today, and new manufacturing methods are making it possible. This is another factor that is driving many to online stores for mattresses as well.
Customers can now choose their mattress’s firmness, size, material, patterns, and a whole host of other options. People can build a mattress that fits them, instead of having to spend days trying different mattresses until they can find one that is close to what they were looking for.
Sleep Labs Are Big Business
More money than ever is being spent on sleep research nowadays, and there are an estimated 4,700 sleep centers in the US alone. The goal of these sleep centers is to perform sleep studies to diagnose sleep disorders. It is estimated that the sector is worth over $4 billion and that the average sleep lab makes around $920,000 every year with only a 7 to 8-bed count.
Growth is Fueled by Increased Interest in Wellbeing
While there are many factors driving the sector, the main one is a desire for better health and wellbeing. According to a Nielsen global health and wellness study, millennials were said to be more likely to make purchases and lifestyle decisions based on their wellbeing, and that they were ready to pay a premium for it – and that includes sleep products. This is why we can expect to see more premium products focusing on the wellness aspect, and more spending in this department as well.
Sleep is a huge industry in the United States, and awareness is pushing more Americans to spend more on their sleep quality. The industry keeps innovating to find ways to help us sleep better, which will eventually benefit society as a whole.
