Millennials have arrived. Whether it’s their young and hungry attitudes or their outstanding grasp on technology and social networks, millennials are influential in almost every market imaginable - including the sleep market. Although they vary from other generations in terms of style, attitude and priorities, they’re still human beings that need the proper amount of rest to function. Based on their actions when comparing market trends, it appears that they know that as well. Today we’re going to discuss the sleep-habits of millennials, and how they influence the sleep industry.
They’re Working More
Not only are millennials working more, but about 40% of them are stringing together part-time or one-time jobs. More often than not, this amalgam of employment leads to varying shift hours, even late night and early morning, and lower pay, causing this generation to live paycheck to paycheck more than previous generations. Not only are some millennials stringing together part-time work, but they’re also more likely already in debt due to higher education. This causes them to stress about money and financial security. On top of this, the varying shift hours don’t allow for a “normal” schedule that would allow the body to rest and regroup, or find a normal REM cycle.
They’re Sleeping More
Compared to 2008, today’s millennials are sleeping approximately 25 more minutes per day. However, some speculate that this directly correlates with the lower levels of employment that are available to millennials than in 2008. Although the general population of millennials appears to be sleeping more, it doesn’t mean that they’re getting quality rest. The presence of technology and social media has significantly increased, with approximately 83% of millennials reporting that they sleep with their phones nearby. Additionally, their quality of sleep is often disrupted by things like their shift work, as discussed above. They are also the “most stressed out” generation, constantly worrying about things they haven’t done yet, financial burdens and more.
They’re Spending More
In a recent Consumer Buying Trends survey, millennials are the largest consumer group in the bedding and furniture market. According to Forbes Magazine, his could be attributed to the fact that millennials approach lifetime milestones like home ownership differently than other generations, and instead opt for inexpensive, adaptable furniture, that better fits into their lifestyle. They’re also the most comfortable generation when it comes to utilizing technology to compare prices, conduct product research and vet online reviews, allowing them to not only get better deals but purchase more product. Millennials also care about their overall health and wellness more than any previous generation. They use technology to track data and find the healthiest foods, and they’re also willing to spend more money on health and wellness-related products.
Millennials are as influential as they are young. In today’s world, not only are they working more and sleeping more, but they’re also spending more. If you’re a parent or grandparent of a millennial, you probably know the quality of sleep they get and how stressed they are. As a generation that gives priority to health and wellness, a chiliPAD, OOLER, or chiliBLANKET would be an ideal gift for a millennial. Creating a better sleeping environment would not only help them sleep better but potentially reduce their stress levels since increased sleep often reduces stress.