Q: Will the senior living industry be able to successfully adapt to serve the next generation of seniors entering the prospect pipeline?

A: Yes, but it will require new approaches and housing products that will address both the continuing challenges caused by COVID and changing older adult consumer expectations and preferences.

The senior living industry continues to have operational and occupancy challenges, but there is good news: the baby boomers. The oldest baby boomer now is 76 years old. The youngest are only 57, but by 2030, all boomers will be at least 65 years old. The boomers are healthier, more active, wealthier and living longer than previous generations. This cohort has the capacity to significantly increase the prospect pool for senior living, but their expectations and preferences are different from previous generations.

Many already likely are familiar with existing senior housing, as they have had to help parents navigate the search for housing and healthcare options — and they do not want what their parents have. They already may have some negative perceptions or misconceptions about senior living. Now is the time for new, next-generation senior living products and services and new market positioning strategies.

The baby boomers are focused on health, wellness and fitness, and maintaining independence is a priority. They want more customizable spaces, higher-quality finish-outs, premium amenities and flexible service options. They are less attached to their “stuff” and more interested in embracing more purposeful living and experiences with people like themselves. Due to the pandemic, their health also is at the front of their minds. How to be prepared for future healthcare issues also will be an important consideration to be addressed with this next generation of older adults.

Lynne Moore is president of MDS Research Company Inc., a national senior living and healthcare consulting firm based in Fort Worth, TX, that has been serving clients for 48 years. MDS is a two-generation company — she is following in Jim Moore’s footsteps. Lynne Moore is responsible for all MDS market research-related projects involving all aspects of senior housing and healthcare. Lynne Moore can be reached at (817) 731-4266 or [email protected].

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