CEOs Prioritize Sleep for Optimal Performance Boosting $500 Billion Economy

In a notable shift from the traditional image of CEOs and founders boasting about their minimal sleep and relentless work ethic, a growing number of top executives are now prioritizing sleep as a key component of their success strategy. Peter Barsoom, CEO and founder of a cannabis company, exemplifies this change. For two decades in finance, Barsoom would go to sleep past midnight, wake up at 4:30 a.m., and either take a bike ride or go for a swim before sitting at his desk by 7:30 a.m. However, his mindset has evolved significantly. He now clocks in between six and eight hours of sleep per night and relies on the Calm app’s sleep stories to enhance his rest.

Barsoom is not alone in this transformation. The global sleep economy, valued at over $500 billion, is booming as consumers invest in a wide range of sleep-enhancing products, from smart rings and blackout masks to high-end mattresses. This trend, driven by sleep tech, biohacking, and the concept of “sleepmaxxing,” is making rest both a wellness priority and a modern status symbol among CEOs and other high-performing individuals.

Daniel Ramsey, CEO of MyOutDesk, which provides virtual staffing solutions, recalls being drawn into the “hustle porn” culture that once dominated Wall Street. This culture preached that success required sacrificing sleep. However, Ramsey now tracks his sleep each night and prioritizes shutting off his brain to improve his leadership and decision-making abilities. He believes that focusing on sleep, longevity, and health makes these aspects of his life easier to manage.

Arianna Huffington, CEO of Thrive, describes her night-time routine as “a sacrosanct ritual.” It includes putting her phone outside the bedroom, occasionally drinking chamomile or lavender tea, and reading a riveting book. Tom Pickett, CEO of Headspace, a mental health platform, treats sleep preparation like a workout or a board meeting, recognizing that when sleep slips, everything else does too. Even Amazon tycoon Jeff Bezos has endorsed the power of a good night’s sleep, stating that it helps him think better and have more energy.

Wendy Troxel, a sleep scientist at RAND Corporation, has observed a significant change in C-suite attitudes about rest since the early 2000s. She notes that sleep was once considered wasted time but is now seen as a core part of a performance regimen. However, she also points out that sleep is often the one thing that high performers struggle with the most, which is a key reason the sleep economy is thriving.

The sleep economy is not just about high-end gadgets and products. It also includes sleep tourism, sleep tracking, and AI-powered sleep tools. Many market research groups estimate that the sleep aids marketplace alone is poised to exceed $150 billion by 2034. CEOs like Ramsey and Barnes are investing in various sleep aids, including OURA rings, Therabody SleepMasks, and high-end mattresses, to optimize their sleep and overall well-being.

Gen Z is also embracing this trend, with “sleepfluencers” or “sleep maxxers” championing hacks from sleepy girl mocktails to curated sleep playlists. Amrita Bhasin, CEO of Sotira, an AI-powered distributor for retail brands, is investing more in her sleep, spending approximately $150 a month on new sleep products. She dismisses the culture of all-night coding and hackathons, recognizing that it is not a healthy long-term strategy for building a company.

Sleep is directly linked to brain health, performance, and the ability to regulate emotions, reducing the risk of mental health problems like anxiety and depression. It is also correlated with mental clarity and a reduction in chronic conditions such as heart disease. However, there is such a thing as overdoing it on sleep tech. Orthosomnia, the stress caused by sleep trackers, can ironically harm sleep. The most proven, no-cost ways to prioritize sleep include establishing a wind-down routine, limiting screen time before bed, avoiding heavy meals within two hours of bedtime, and maintaining a consistent sleep and wake schedule.

In conclusion, the shift towards prioritizing sleep among CEOs and high-performing individuals is a significant trend in the wellness economy. This trend is driven by the recognition that sleep is essential for optimal performance, decision-making, and overall well-being. As the sleep economy continues to grow, it is likely that more individuals will embrace the benefits of prioritizing rest and investing in sleep-enhancing products and practices.