Brand Equity looks at the financial cost of being sleepless in Seattle or anywhere
Financial losses due to lack of sleep…
The US sustains by far the highest economic losses – up to $411 billion a year, which is 2.28 per cent of its GDP (in 2016)
Japan – up to $138 billion a year, which is 2.92 per cent of its GDP
Germany – $60 billion
UK – $50 billion
Lowest in global rankings is Canada – financial losses due to lack of sleep up to $21.4 billion, which is 1.35 per cent of its GDP.
Small changes to sleep duration could have a big impact on the economy. For example, if individuals that slept under six hours started sleeping six to seven hours then this could add $226.4 billion to the U.S. economy. This could add $75.7 billion to the Japanese economy, $34.1 billion to the German economy, $29.9 billion to the UK economy and $12 billion to the Canadian economy.
‘Sleeponomics’, a term used to describe the market of sleep (including but not limited to ‘sleeptech’ and sleeping aids industry), a booming space in our always-on, tech-fuelled age and increasingly wellness-obsessed times.
Japan ranks No1 in the world for sleep deprivation. Companies in the chronically sleep-deprived nation are now making napping on the job mandatory, going as far as providing blankets with hoods and other sleeping aids to employees. Indians are the second-most sleep-deprived people in the world.
“Inemuri”: The Japanese word for strategically sleeping in office. Roughly translated to “sleeping while present.”
In 2019, home décor brand Bombay Dyeing along with The Times of India launched #TakeBackSleep, a multi-media, national campaign to raise awareness about “sleep-debt”, the consequences of sleep-deprivation and the positive impact of healthy sleeping habits on all aspects of life.
Rise of ‘nap bars’ and ‘nap cafés’ in countries like Japan, Korea, and Canada.
¥750 ($6.90): The price of a nap plan (includes coffee and 30 minutes of sleep time) in a Tokyo café.
10,000 won ($8.80): Price of an hour and a half of nap service during lunch hours, in a cinema in Seoul’s business district, Yeouido.
7: Minimum hours of sleep you need to not be “sleep deprived.”
Over $101 billion: Projected size of the global sleeping aids market in 2023
Scientists have discovered that one percent of humans worldwide have a mutation in the clock genes that is associated with delayed sleep or being a night owl.
Sources: New York Times, Guardian, Washington Post, Quartz, RAND Corporation and Nature Neuroscience