If you're bleary eyed this morning, take comfort in knowing you're not alone. One casualty of the recession has been a good night's sleep. The numbers from various recent studies all point to our general state of exhaustion and anxiety.
Here are a few top-line numbers:
- Consumers who sleep less than eight hours: 28%
- Consumers who sleep less than six hours: 20%
- Consumers who have had insomnia in the past month: 90%
To relieve sleep problems, consumers are turning to medication. A Sleep Foundation study found that 41% of consumers are using medications more than once a week. This general trend led Packaged Facts to project an over-the-counter market for sleep aids to reach $759 million in the next few years. Keep in mind that sleep aids include more than medication. Consumers are also using accessories such as pillows, sound machines, masks, earplugs, and aroma therapy in their quest to sleep better.
The demographics of consumers who are having sleep problems related to the economy include:
- Those with household incomes below $25,000
- Those with no adults employed in the home
Are there businesses in your market that need better campaigns to sell sleep medications, herbal remedies or other sleep accessories?[Sources: Sleep Foundation release, 3.2.09; Packaged Facts release, 12.01.08; Newman, Andrew. "Pill Sales Rise," New York Times, 4.24.09]