Baby Boom Generation Infographic

Senior Living Spectrum

Great Senior Marketing Infographic

Seniors Should Be Everyone's Aim

Post by PMD Advisory Services.

How Retirement Homes Score in the Senior Market

Rocking out on the porch.

As one enters their senior years, the prospect of rethinking their living arrangements is an essential point that must be taken into serious consideration. Senior living is big business and offers up big choices. One common choice is to sign-up for a retirement community or nursing home for either assisted or independent living - and this can be a stressful time for most seniors. 

Not only will this trigger great emotional upheaval, the thought of finding a comforting place to stay can also be quite overwhelming. There are a lot of options to be taken into consideration such as location, amenities, accessibility, transportation, living style, customer service, and so on. One needs to remember that retirement homes are constantly evolving alongside the changes in science and technology, as well as economics. Let us take a deeper look at the current scenario of most retirement homes across the country today.

Common Features of Retirement Villages

 

There is no doubt that retirement homes or villages, whether aided or independent, make great places for seniors to spend their golden years. Here, they can co-mingle with people their age and enjoy the twilight of life. Today, more and more seniors are reaching out to states like Florida and other areas where development of independent living facilities, or independent CCRCs (Continuing Care Retirement Communities), that feature various residential alternatives in apartment style, free-standing homes, mobile homes, or condominiums. These communities are considered havens for everyone across the senior living spectrum.

Independent living senior villages, however, are only proper for seniors who are still fit to do normal activities, albeit perhaps at a slower, steadier pace. Some common features in this senior homes or villages are:

*free-standing living quarters

*recreational facilities

*access to transportation, local community and establishments

*easy access to medical facilities

*social activities

*maintenance and resident assistance

But Are These Enough? 

Well, not anymore. In today's highly volatile real estate senior market, the need for a retirement home that offers topnotch services is deemed essential by both the retirees and their families. The need for a more comfortable set-up, more amenities to enjoy, socialization programs and top caliber customer assistance is crucial for a home or village. Gone are the days when baby boomers simply make do with what is available. They want more! As people grow older, living alone alongside other equally lonely seniors no longer means sipping tea together, crocheting or watching the clock tick.

Today, the 55-year old and up crowd wants state-of-the-art homes with Wi-Fi, golf courses, spa and beauty salons inside the community, regular Yoga or Pilates or Tai chi classes on the community clubhouse, a swimming pool preferably with a water aerobics instructor or a fitness trainer that can handle their physical and health concerns. The senior market demands a community with its own medical facility or, at the very least, a regular doctor for assistance and advice.

Indeed, the market is changing. Seniors want "enjoyment" to be synonymous with "retirement." For real estate firms to be successful in the senior market, it means developing retirement homes or villages that can answer the call for more comfort, luxury and easy living.

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.

For more info, please check out PMDAS.com today!