As the United States’ aging population grows, so too do the associated marketing opportunities. 2018 was a big year for elder care and aging services, and the momentum is not expected to stop. The U.S. Census Bureau predicts that the elderly population will reach 95 million by 2060, composing nearly a quarter of the US population at 23%. For reference, it was 49 million (15%) in 2016.
One of the most significant and obvious opportunities this growth presents is in the senior housing market. Aging baby boomers will need a place to live, and it’s up to marketers to help connect potential residents with the appropriate facilities. Some organizations have begun to explore the “urban opportunity,” attempting to create senior housing projects in metropolitan hotspots like New York City and Atlanta. These projects aimed to capitalize on wealthy client bases already living in the cities, although some found that rent alone wasn’t enough to sustain their entire operation.
The senior living industry is also seeing a shift towards consolidation as organizations of all sizes are coming together out of self-interest. This means that marketers will need to adjust as well. Consolidation can change the entire face of an organization or effectively erase it, so complacent marketers may soon find themselves in trouble.
Marketers saw another opportunity with the emerging trend of “aging in place.” New technological innovations combined with telehealth services and an aging population increasingly comfortable with technology have propelled this trend into the forefront of the elder care industry. This trend has not only bolstered home health organizations but has catalyzed senior living facilities to change their marketing approach to cater to potential residents who are more inclined to stay at home.
As new technology and legislation constantly shape the face of the aging services industry, the silver wave breaking on the shore is providing exciting new promise and opportunities to the business as a whole.