Chris Young
The senior living market is poised to explode in the coming decades as the wealthiest generation in US history (and indeed world history) begins to require long-term care.
This represents a market segment that will require care, has distinguished tastes, and generally has the resources to pay for them. Important trends are also transforming the expectations that seniors have in their later years. If Senior living centers can reach seniors on their terms, they have a once-in-a-lifetime opportunity to reach a large segment of the senior population in their local area.
Within the senior population (65+), senior living facilities will generally focus on populations that are at least 70 years old, if not 75 and up. Because of modern medicine, many seniors can live independent lives before their mid-70s and are therefore not ideal candidates for most centers. To further segment a potential demographic, it may be a good idea to include different types of care that a resident may need such as memory care or palliative care.
According to a 2024 Consumer Affairs study, new trends are materializing that senior living centers ought to consider:
The combined increase in demand for senior living spaces and the increase in cost paints a very lucrative picture for senior living centers that can meet and exceed seniors’ core expectations.
With these statistics in mind, there are several different senior living trends that centers should bear in mind while creating a business plan and marketing plan.
The Baby Boomer generation has always highly valued independence which manifested itself most clearly in financial independence. Even this, however, was always in service of being able to have relatively independent lives–taking vacations when and where they wanted, living where they wanted, and so on. After having achieved independence through hard work, many Baby Boomers are loath to part with the independence they worked so hard to achieve and, as a result, want care options that allow them to age at home.
The astute reader might realize, “Hey, this isn’t about residency in a facility,” and indeed it isn’t. However, this trend still presents a large opportunity for facilities on two different levels. First, developing a service for home visits by caretakers can be an excellent way to break into a space that few have realized even exists. Second, developing a relationship with a senior who wants to age at home is an excellent way to help them choose your community when it comes time for them to live in a facility. In essence, not only would facilities be developing an additional revenue stream with at-home care, but they would also develop a highly engaged pipeline of seniors already familiar with their brand and service.
Another trend within senior living is the residents’ desire to continue engaging in and connecting with the community. One of the strongest desires among residents and prospective residents is the ability to continue building one’s legacy as they age. Many seniors report opportunities to connect with the community as more important than having access to amenities–a bold statement that’s worth considering. For all the attention that goes into creating a high-end environment for seniors, facilities should also be focused on creating links with younger community members to have interaction with senior residents. The great thing about this is that many younger community members are willing and able to do this for free so creating these kinds of programs requires relatively minimal investment.
While seniors generally see legacy building as more important than amenities, that doesn’t mean that facilities can forego granite countertops and the heated pool. Decisions about where a family member should live are made on the preponderance of factors and creating a space that feels like a resort rather than a nursing home is an important consideration. Many Baby Boomers are hesitant to give up their independence, especially after visiting the Four Seasons in Cabo last year. However, when a facility feels more like a Four Seasons or Waldorf hotel, the transition into senior living becomes easier since it becomes more comfortable. Offering amenities such as a spa, pool access, fitness centers, and formal dining can be a huge attraction that transforms trepidation into excitement.
Health and wellness is increasingly becoming a focal point for seniors who want to age well. The Baby Boomer generation came of age in the 60’s and 70’s where transformational ideas of living well and living harmoniously with nature came to the fore. Many in this generation have held onto these ideas and desire food, exercise, and environmental options that align with these values. The most obvious manifestation of this is having healthy dining options and access to exercise facilities. However, even beyond this, many seniors desire green facilities that prioritize environmental responsibility, clean indoor air (HEPA filters in the facility), and amenities like meditation gardens. Creating a space that encourages health, wellness, and active aging doesn’t come down to a single list of amenities, rather it’s more of a driving philosophy that appears in the details of many senior living centers.
One of the biggest turn-offs for seniors now is visiting a facility that feels like a facility. Institutional designs that feel more like a La Quinta hotel don’t cut it for seniors anymore. Many are currently living in their dream homes or at the very least, are living in luxury apartments with granite countertops and stainless steel appliances. The last thing seniors want is to experience a downgrade in their material quality of living in their final years. Senior living centers that want to remain competitive must recognize this trend as a prerequisite to existing in the industry rather than one way in a constellation of ways that they can differentiate themselves. Want more residents? Give them a space that feels like their dream home and feels like an upgrade in quality of life rather than a downgrade.
The senior living market represents millions of people over the next 15 years, nearly 70% of whom will eventually need long-term care at some point in their lives. To reach this segment of the market, senior living centers MUST meet (and preferably exceed) the expectations that seniors have for their future well-being and quality of life. Once senior living facilities meet the baseline criteria to attract new residents, the question then becomes one of how to reach them. Having a beautiful facility may get prospects to say “yes,” but it doesn’t necessarily get the word out on marketing channels.
To reach these residents, a creative combination of paid advertisement, awareness campaigns, and organic marketing tactics are needed. Be More Digital is a senior living marketing agency with a track record of helping centers achieve high-converting marketing strategies. To learn more about how we help senior living centers attract new residents. Get in touch with Be More Digital today. Additionally, take a look at one of our senior living case studies to see past success stories and how we can replicate these results with your facility.
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