Market for sleep aids awakens

Many young people born after 1995 turn in after midnight, and many of them say that's by choice. They say they don't want to sleep at an earlier time so they can have more free time after work, according to a recent report by the research institute of AliHealth, a unit of Alibaba Group.

New occupations, such as paying people to help lull their clients to sleep, have emerged online. They usually tell interesting stories or chat with their customers, who pay about 10 yuan an hour, according to Alibaba's e-commerce site Taobao.

Also, for serious insomniacs, sleep salons, sleep experience halls and sleep healing training centers have become increasingly popular. They provide a quiet environment and teach people how to relax and drift off to sleep.

China's Keeson Technology Corp－based in Jiaxing, Zhejiang province－is a serious contender in the sleep sector. It was the official supplier of smart beds for the 2022 Beijing Olympics and Paralympics. Using proprietary sensors and digital technologies to collect vital signs and information on sleep conditions, the smart bed can analyze such indexes and provide digital services regarding people's sleep health.

Last year, Keeson achieved sales of 2.97 billion yuan, up 31.28 percent year-on-year. Its net profit reached 357 million yuan, up 30.61 percent year-on-year, according to its annual earnings report.

There are more than 30 other companies involved in the business of manufacturing smart furniture in the Wangjiangjing town of Jiaxing. Officials say they aim to attract more sleep-related businesses, including medical equipment and wearable devices.

By the end of the 14th Five-Year Plan period (2021-25), the town expects its sleep product industrial park to achieve sales revenue of more than 100 billion yuan.

With work stress in cities at a high level and the pandemic affecting people's emotions, more people, especially young adults, are turning not only to smart devices, but also to scented candles and flameless aromatherapy for relaxation.

Top domestic fragrance and scented candle brands include Uttori, Reclassified and Young Beast. To Summer, a niche aromatherapy brand that employs traditional Chinese elements, has received two rounds of financing since 2019, with backers including IDG Capital, Sequoia China and ZhenFund.

China has more than 2,700 companies involved in businesses related to sleep, and about 18 percent were established over the past year, according to Tianyancha, a corporate information provider.