HOW TODAY ' S SENIOR LIVING TENANTS HAVE CHANGED
BY CYNDI OAXACA
Upon hearing the phrase “ senior living ,” visions of walkers , oxygen tubes , and bed pans come to mind . Senior living is the broad term used to encompass everything from independent living developments to CCRCs ( Continuum Care Retirement Communities ), yet there are certain perceptions associated with this elderly demographic that are ripe for disruption .
Ranging from 52 to 70 years of age , baby boomers are the newest addition to the senior citizen cohort , and they ’ re bringing with them a new outlook on aging . Empowered by empty nests and financial freedom , baby boomers are embracing their 55 + years for the opportunities they hold rather than dreading the obstacles present . This outlook , coupled with buying power and declining mortality rates , has sparked a multi-billion dollar market for a group now being termed “ active adults .”
How ‘ Optimistic Aging ’ is Evolving Senior Living
In 2013 , Rohit Bhargava coined the term “ Optimistic Aging ” to characterize the new wave of excitement and vigor associated with the empty nester years and beyond . According to a study by the National Council on Aging , 89 % of older adults feel confident that they could maintain a high quality of life throughout their senior years — a statistic that ’ s having profound effects on senior living development .
The gap between middle-aged adulthood and assisted living has grown even wider , creating a need for developments that support a dynamic and recreational lifestyle for older adults . These developments have come to be called active adult communities , or as some might say , a baby boomer ’ s playground . Active adult communities can range from age-restricted independent living communities to multifamily apartments that primarily targets older residents . The common thread , however , is that each of these communities promote a distinct lifestyle — one that ’ s oriented towards social and recreational activities .
Defining Boomer Characteristics
In the years ahead , senior living demand will be met with supply , and marketers will be tasked with differentiating their community within a cluttered market . Before marketers relegate all senior citizens to a traditional marketing mix , there are a few things to keep in mind :
»» 88 % of baby boomers are internet users
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50 % of baby boomers spend at least 15 hours online every week
24 | TRENDS • MARCH 2017 www . aamdhq . org