Global Sleep Tourism Market, By Accommodation Type (Luxury Hotels, Boutique Hotels, Resorts, Homestays/Villas, and Others), By Activity/Experience (Wellness, Meditation, Holistic, Sleep Therapies, and Others), By Purpose of Visit (Medical/Therapeutic, Leisure, Educational, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : May 2024

Code : CMI7004

Pages :140

Formats :

Excel and PDF

Industry : Consumer Goods

Market Challenges: High costs associated with sleep tourism trips

One of the major factors holding back the growth of the global sleep tourism industry is the high costs associated with such specialized trips. Sleep tourism experiences are quite luxurious in nature, allowing tourists to relax and rejuvenate in high-end wellness resorts or participate in activities geared towards improving sleep quality. However, the premium pricing of accommodations, therapies, and packages makes these trips expensive undertakings. According to data from the UNWTO, international tourism expenditures decreased by an estimated USD 800-850 billion in 2020 due to the COVID-19 pandemic. This significant loss of discretionary spending power has made consumers more cost-conscious about any non-essential trips, including those focused on better sleep.

Market Opportunities: Emerging destinations can develop sleep tourism industry

Emerging destinations have a huge opportunity to develop their sleep tourism industry and capitalize on the global growth of the sector. With more people seeking wellness and relaxation getaways that focus on quality sleep, lesser-known locations can carve a niche for themselves. Some strategies they could adopt include promoting local wellness practices, developing boutique sleep retreats, and partnering with experts for sleep education programs. Destinations like Nepal, Bhutan, and Iceland that are already popular for their natural beauty and wellness offerings can augment their programs with specialized sleep therapies. Guesthouses in rural settings of these countries could work with sleep doctors to create therapies using local herbs, meditation, etc. This will attract a new breed of experience-seeking tourists looking to reset their body clocks. Similarly, countries in Africa and Latin America with undiscovered forest areas and beaches could launch small yet high-end resorts catering exclusively to sleep and relaxation. Working with global sleep consultants, they can create sleep enhancement packages involving siestas, physical activities, and comforting ambience tailored to each region's strengths.