Monday, July 29, 2013

Seniors have all the money!

As seen on our Twitter page...

The 55+ age group controls more than three-fourths of America's wealth (ICSC).

Tuesday, July 23, 2013

Senior Living Market Research Calls for High Quality Communities

PMD Advisory Services Senior Living Market Research
There are millions of people all over the world who age every year and they choose senior living communities as their retirement option. The demand for high quality senior living communities has also increased over the recent years. (See data here.) This has kept the senior living community developers on their feet as they try to come up with new ideas that meet the expectations of their clients. Retirees always go for this option as it gives them a sense of independence while relieving their children from task of caring for them. This is why the senior living communities need to be developed in such a way that all the needs of the retirees are met.

In most scenarios, majority of the household tasks are taken care of by someone else so as not to pressure the retirees. These tasks include laundry, local transportation, planning cultural and social activities, group meals and also planning for holidays. The main difference between this community and the nursing homes is that retirees living in the community are in good health and can move around without any assistance.

It is the ideal choice especially to the individuals who want to spend their golden years together with their peers. This way they are able to socialize with them as much as possible without any difficulties. They will also be able to have fun and take part in numerous cultural, social and fitness activities. This is why the developers always have to make sure that the environment in which they build the senior living community is favorable for the retirees. This way they can attract more clients to their community making it grow by the day.

The community is always compact meaning that it is easy to maintain. It also has to be private while promoting communal living. This is to allow the citizens to feel a sense of security and belonging to the community. However, developers should make sure that the retirees have both freedom and versatility. It should not be the same as living in a confined nursing home. There should be communal meals that are served in a formal dining atmosphere on a regular basis. The retirees will always look for appetizing meals and a relaxed environment. It should be away from noisy places.

The aging baby boomer population is what has kept the demand for the senior living communities on the rise. This has led to the development of more of these communities all over. The developers responsible for building these communities should ensure that realtors can recommend people to them after they have done comprehensive senior living market research.

Developers should always remember that most of their clients have worked hard for very many years and all they want is the best living arrangements. They always look for this in the senior living communities. Once the developers understand the needs that the retirees have then they should tailor the construction of the community to meet these needs. Apart from the environment being right, the price also has to be right.

Even though the seniors may have the disposable income, they aren't going to waste it on sub-par amenities.

Tuesday, July 16, 2013

Senior Market Research for Targeting Mature Consumers

Studies on mature consumers suggest that more than 33 percent of the American population will be over 50 years old by 2016. Senior market research further claims that the mature market, aged above 55 years, currently controls 75 percent of the wealth in America, and 70 percent of the US disposable income.

The senior market comprises individuals born in the period around the Great Depression, commonly referred to as the Depression-era Silent Generation - born between 1925 and 1942, and those born after the Second World War, commonly known as the Boomers - born between 1946 and 1964. Members of the senior market do not consider themselves to be representatives of their generation. However, their sensibilities can fall in either demographic with regard to their financial, political, social and cultural attitudes.

The specific generation of Boomers represents close to 44 percent of Americans. A study conducted on their consumer habits revealed that their buying power is quite substantial, contributing to the purchase of 49 percent of total Consumer Packaged Goods - CPG. In fact, the Baby Boomers are the primary consumers in 119 out of the 123 CPG categories. Senior market research also shows that the spending habits of Boomers are rather recession proof, with 63 percent of this group having a minimum of one individual in the household working on a full time basis.

Boomers are also keen to keep up with technology. This is supported by the fact that 40 percent of the wireless service subscribers, and 41 percent of Apple computers buyers are the Boomers. Furthermore, 33 percent of internet and social media users are Boomers, with over 8 million of them spending over 20 hours of every week online.

Part of the time spent online is used for shopping. Studies suggest that most of the disposable income of Boomers is spent over the internet, with the cumulative annual expenditure of individuals aged 50 years and above reaching $7 billion. The internet plays a major role in the consumer decision journey of Boomers, where they compare prices and other features before purchasing pricey items like home furnishings and cars.

Older Boomers aged 56 to 66 years spend the most amount of money online compared to other generations, with a quarterly spending of $367 million. Younger Boomers aged between 46 and 55 years fall in second place with a quarterly expenditure of $318 million, followed by "Generation Y", those aged 23 - 31, with an average spending of $311 million. Generation Z adults, aged 18 - 22 years have a quarterly online expenditure of $118.

Besides getting their information online, Boomers also spend a lot of time watching the TV, at an average of 174 hours a month.

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