Every night, 300 million Chinese people install incense candles, eat melatonin and wear steam eye masks. This is the bedtime ceremony for many people with insomnia. Sleep anxiety has long become a major problem facing contemporary people’s life. It also makes sleep assistance a good business. In 2020, the market scale of China’s sleep economy will be nearly 400 billion yuan. How much are you willing to spend for a good sleep?
① Young people have become the “hardest hit area” of sleep, giving birth to a billion sleep economy
Difficulty falling asleep, poor quality and lack of sleep are all manifestations of sleep disorders. More than 300 million people in China have sleep disorders, CCTV finance and economics reported.
Among these insomnia people, young people have become the “hardest hit area” of sleep disorders. Consumers aged 25-29 have the most serious sleep problems. More than 60% of these groups have sleep problems, and they contribute the most to the consumption of sleep products, about 29%. According to the survey results of the causes of insomnia, 53.6% of the population suffered from insomnia due to high work pressure.
Chinese consumers pay more attention to healthy sleep, sleep related industries are rising, and the market demand is expanding. From 2015 to 2019, the market scale of China’s sleep economy industry increased from 235.36 billion yuan to 359.87 billion yuan, with a compound annual growth rate of about 11.2%.
According to the subdivision areas, the sleep economy can be divided into three parts: equipment and supplies, drug health care and sleep app. Among them, the contribution of consumption amount in the field of equipment and supplies accounts for the largest, about 70%. In recent five years, the market scale has increased from 164.75 billion yuan to 373.26 billion yuan. In the field of drug health care and sleep app, the contribution of consumption amount is about 20% and 10% respectively.
② Six adults buy products online, but the effect of sleep aid is general
Judging from the purchase of sleeping aids by Chinese netizens, 43.5% bought eye masks and eye patches, 30.1% bought cassia seed and latex pillows, and 25.8% chose to buy sound insulation earplugs. These three sleeping aids were the most popular. In order to solve insomnia disorder, many people focus on health care products, but nearly half of consumers can only accept sleep care products of less than 100 yuan, and only 7.7% of consumers can accept more than 500 yuan.
In terms of purchase channels, up to 66.5% of people buy sleep products through comprehensive e-commerce platforms. However, from the perception of the effects of different sleep products, consumers’ satisfaction seems not high, and most think the effects are general. Among them, for the popular melatonin and related products in recent years, 24.5% thought that the sleep aid effect was significant, 54.1% thought that the effect was general, while 16.8% thought that it had no effect, and even 4.6% felt that the sleep quality was worse.