China’s ‘sleep economy’ is growing

The market for sleep aid products in China is growing fast – it could more than double to be worth RMB 1 trillion ($157 billion) by 2030 – and is something brands from other categories may be able to tap into. 

Why it matters

COVID-19 has boosted awareness of wellbeing, with sleep a crucial part of that. But in China’s 9-9-6 culture, lack of sleep is something that affects many people and brings with it a range of associated health risks, from cancers to obesity and depression. 

Takeaways 

• Figures from the Chinese Sleep Research Society suggest that as much as 94% of the population is not getting enough good-quality sleep.
• Health concerns are driving a market for sleep aid products, which include such things as aromatherapy, meditation apps, melatonin pills.
• As wellness comes to be seen as a luxury, brands can position themselves to align with this.

Key quote

“The sleep economy represents a growing opportunity for our clients across a variety of different sectors including lifestyle, tech, fashion, and luxury,” James Hebbert, UK managing director of Chinese digital advertising agency Hylink, tells Jing Daily.

Sourced from Jing Daily [Image: Pexels]