We’re just over a quarter of the way into the year and, already, there are several trends re-shaping the senior living industry. In this month’s roundup, we take a look at the factors influencing senior living in 2021 and beyond
1. Boomers Reassessing Their Plans to Downsize
The pandemic has caused many Boomers to rethink plans for downsizing from their current homes. Some people are delaying their plans to move while others are expediting them. And in many cases, the idea of urban living in a downtown condo has lost its appeal and been replaced by visions of suburban/rural living with a yard and in close proximity to nature. While preferences differ for everyone, one thing remains constant: Boomers want to live near their children and grandchildren.
Learn more about the pandemic’s effect on Baby Boomers’ downsizing plans in this RealEstate article.
2. What Will Retirement After Covid-19 Look Like?
Covid-19 has reshaped the retirement experience for Baby Boomers. It’s served as a wake-up call for many people. As a result, they’ve accelerated their plans for retirement. Current trends suggest that Boomers would prefer to age in place as long as possible, relocate (if needed) to be closer to loved ones and live a life that is equal parts active and purposeful.
This article published by TheStreet offers additional insights into what retirement could look like after Covid-19.
3. Financial Outlook: Senior Living in 2021
Despite being one of the industries hit hard and early by the pandemic, experts are cautiously optimistic about senior living’s long-term outlook. This is due, in part, to the success of vaccination efforts at communities across the country.
This article from McKnight’s Senior Living details three key financing considerations for senior living in 2021 and beyond.
4. What Are the Senior Living Tech Trends So Far in 2021?
The pandemic has made it so that senior living providers can no longer be late-stage adopters when it comes to all the technology that is currently available. Technology has helped keep residents connected to their families and assisted providers in their sales and marketing efforts.
Senior Housing News’ recent article on this year’s top senior living tech trends provides even more ideas for how providers can integrate tech into their sales and marketing.
5. Boomers Redefining What It Means to Take a Gap Year
Lifelong learning could become a focal point of the modern senior living experience. According to this article published by MarketWatch, adult learning is a trend that’s gaining steam. It’s not surprising considering that, according to the IZA Institute of Labor Economics, the desire to learn new skills doesn’t decrease with age.
If your senior living community isn’t prioritizing lifelong learning, now is the time to start creating those partnerships to attract residents who are interested in this aspect of lifestyle enrichment. Read the full MarketWatch article to learn more about the rise of adult education.