Dream On! A booming industry built around a good night's rest is fulfilling many entrepreneurs' sweet dreams.
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Sleep awareness is everywhere these days. From studiesdocumenting how we don't get enough sleep, to new luxuryamenities designed to help us sleep better, to the multitude ofbooks and other products dealing with the dynamics of sleep,it's clear sleep is on a lot of people'sminds--entrepreneurs included. What's going on? "We areseeing a lot of movement in sleep products and services," saysReinier Evers, founder of Trendwatching.com, an industry-trendforecaster. It all fits into the trend of"massclusivity," says Evers--that is, more people wantingmore luxury products and more exclusive products in general."Category by category . . . room by room, it's allsuccumbing to consumers' insatiable appetite for the best ofthe best. Next: the bedroom," he says.
Evers also cites the growing number of aging boomers who havecash in their wallets and a desire for a good night's sleep.They're looking for comfortable, health-conscious andprofessional-grade beds, and are often willing to pay the heftyprice tag. According to the International Sleep ProductsAssociation, U.S. mattress and foundation wholesale shipments grewfrom $4.76 billion in 2002 to $5.04 billion in 2003, a 5.8 percentincrease.
Rest assured, entrepreneurs are finding success in a variety ofsleep-related avenues. Case in point: husband-and-wife team AdamBoyce, 44, and Trina Greenbury, 35. In 2002, they launched DreamEssentials.com, an online retailer for sleep andrelaxation products, as a way to make extra money so Greenburycould be a stay-at-home mom. After a successful holiday seasonselling products made by local Rainier and Yelm, Washington,artisans, they decided to grow their idea by branding their ownline of sleep masks and selling other sleep products, such as bodypillows, alarm clocks and soothing sound machines. Sales have morethan doubled every year since, with 2005 sales expected to exceed$1 million. "The biggest challenge we face is the inability ofour customers to try things on," says Boyce. However, he addsthat while many people initially shop the site for a single item,once they see all the other products available, they return againand again to purchase.
From throwing grown-up pajama parties to purchasing high-endpj's, consumers are embracing their comfort zones. Just askBrandon Evans, 27, the founder of ThreadcountzzzCorp., a New York City manufacturer, wholesaler and retailer ofhigh-thread-count pajamas. His luxury sleepwear, designed to feellike sleeping in high-thread-count sheets, garnered an immediatefollowing--after his 2003 startup holiday season, he had more than1,500 people on his waiting list. "The reception has beenunbelievable," says Evans, who adds that 2005 sales will push$2 million.
Though it's hard to predict where the trend might go next,Evers notes that some large hotel chains are adding high-end bedsto their rooms to entice guests. "Once most consumers haveupdated their sleep products," he says, "the hotels willhave to offer quality bedding just to keep demanding guestshappy." So if you're dreaming of a sleep-related business,think beds, comforters, duvets, pillows, alarm clocks, pj's,sleep masks--the list is endless. Just think sleep.
