Sleep makes money : Sleephonomics

Sleephonomics?

 There are a lot of modern people who lack sleep. So it's time for sleep to be money. Let's take a quick look at the meaning of Sleepphonomics and the implications of Sleepphonomics.

a world where sleep makes money

1 What is Sleep phonomics _Sleep-Economics?

Sleeponomics is a combination of sleep and economics, a new market concept that reflects increased consumption of products or services for good sleep. The term refers to the tendency of modern people to invest in various products to improve their sleep quality.

2 Background of the appearance of Sleephonomics:

Sleep is essential for physical and mental health, and sleep deprivation is associated with stress, depression, and chronic diseases. South Korea has the lowest average sleep time (approximately 7 hours and 50 minutes) among OECD countries (average 8 hours and 30 minutes), and these problems can lead to socioeconomic losses. As a result, the Sleep fornomics market is rapidly growing, and the global market size is expected to reach W40 trillion by 2026.

Growing Interest in Health and Wellbeing

The importance of sleep has been highlighted by the growing interest in immunity and healthcare since COVID-19. Modern people suffer from sleep deprivation due to stress and depression, and as a result, the demand for products and services for deep sleep is surging high-tech integration

As cutting-edge technologies such as AI and IoT are introduced into the sleep-tech sector, products that analyze sleep conditions and create optimal environments are gaining popularity. Large companies such as Samsung Electronics and Apple are actively participating in this market, which is increasing their competitiveness and attracting consumers' attention.

a change in social perception

With the spread of the 'Helsifle Leisure' trend among Generation MZ (Millennial + Generation Z), there is a strong tendency to value a happy and healthy life. They are active in consuming various products and services for a good night's sleep perception of economic loss

As productivity and economic losses caused by sleep deprivation are socially recognized, both businesses and individuals feel the need to invest in improving sleep. In Korea, annual economic losses caused by sleep deprivation are estimated to amount to 0.85-2.92% of GDP 3 Reasons for lack of sleep

a late rush hour

One of the biggest reasons is overtime and late-night work. According to the survey, about 37.9 percent of office workers said they could not secure sleep time due to late work hours. 1. Frequent overtime is common in Korea's work culture, which is a major cause leading to sleep deprivation.

a living habit

Many office workers tend to go to bed late because of watching TV or using smartphones. According to the survey, 20 percent of the office workers often pass their bedtime without much reason 12. In addition, they sometimes reduce their sleep time because they have a lot of work to do when they come home.

social expectations and culture

Korean society tends to regard overwork and dedication as a virtue, so there is a culture that puts work ahead of individual health. This social pressure is one of the factors that keeps office workers from getting enough sleep.

the sleeping environment

Sleep environment is also an important factor. Many office workers cannot sleep well due to uncomfortable beds and noises. This leads to poor sleep quality, which in turn leads to a vicious cycle that worsens fatigue and stress.

Combining these various factors, Korean office workers are in a chronic sleep deprivation, which is negatively affecting not only individual health but also society as a whole.

3 Meaning of Sleep phonomics phenomenon

Sleeponomics can be interpreted as a movement to improve health and productivity throughout society, beyond simply trying to solve individual sleep problems. The quality of sleep of modern people is declining due to stress and depression, and as a result, consumption of products and services that help them sleep well is increasing. This reflection of the consumption phenomenon in Sleeponomics, and companies are actively entering this market.

stress and mental health problems

Modern people suffer from sleep disorders due to workplace pressure, personal anxiety, and depression. These problems reduce the quality of sleep and are acting as a factor that promotes the growth of the Sleeponomics market. Social Expectations and Cultural Changes In the past, a lack of sleep was considered a virtue, but there is now a widespread perception that adequate sleep is essential for improving individual productivity and quality of life. This is an important factor that has made Sleeponomics a social phenomenon beyond simple consumption trends.