Industry Trends in Senior Living Industry Part 3

October 29, 2018

Part 3 of our discussion on Trends in the Senior Living Industry

9. No Hiding From Social Media – Smart senior living organizations will accept the new norm that there are no secrets in today’s world. Thanks to the far-reaching tentacles of Social Media, prospects can now easily peek beyond the gates of your community. They can see the residents, the staff, your organization’s processes, pricing and values. Social media enables those that have been wronged (or feel they have been wronged) to voice their displeasure. Online reviews can become a key driver of your business.
10. Seniors Are Working Longer – Whether it is for money or for social engagement, more seniors are working longer. As seniors are living longer, they are feeling the need for increased income. This is especially true in the upper-middle-class, the demographic that typically moves into retirement communities. The working senior will in-turn affect all your on-campus activities.
    So, what are the implications of lifetime employment to your Community?
    • We are going to have to modify how we financially qualify people, taking into account current income potential.
    • On-site co-working spaces that allow residents and non-residents to share office space and ideas will become the norm for progressive communities looking to attract younger, more vital people.
    • The concept of Live Where You Work, Eat, Play will become a competitive advantage for communities that truly understand the power of this positioning.
11. Residents Will Be More Active In Their Own Wellness – Boomers want to take care of themselves (spiritually, physically, intellectually, emotionally, and financially) rather than be taken care of. When your community’s average move-in age is in the mid-60’s to early 70’s, you may have to re-think your wellness program, as well as your medical technology. Think -Apple Watch for medical monitoring and Smart Speakers in every residence.

Check out our blogs from last two week as well:

• Industry Trends – Part 1.
• Industry Trends – Part 2.

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