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Senior Housing Buying Trends for 2010

Posted: Wednesday, January 6th, 2010

Fueled by the large boomer demographic, not only are seniors the fastest growing segment of Canada’s population, but this is a consumer group in high transition.

In a recent Senior Living survey, about 42% of respondents said they would be buying, selling or doing both, in the next five years.

These moves are defined by their lifestyle needs and desires, including:

• Moving into smaller, more efficient homes, preferring to downsize but not downscale (upscale living with less complication)

• Renovating their current homes

• Selling their homes and traveling

• Moving to age-specific residences

• Buying recreational property

• Paying more for upgrades in their homes (if it’s to be their last house, they’re going to get everything they want in it)

• Choosing energy-efficient and high-quality appliances and fixtures

• Seeking flexibility and accessibility to remain youthful and active

This rapidly expanding consumer group is less affected by current financial stresses than their younger counterparts, and they have substantial equity in their homes as well as greater accumulated wealth.

It’s generally perceived that mature consumers will not change brands. When surveyed, however, these consumers said, “If you better meet my needs, I will switch and I will even pay more."

The 50+ consumer wants products tailored to their needs and they want quality. While downsizing may be a preference for some, they are still looking for better housing, better locations, and better amenities.

If your company offers products or services of benefit to consumers in this 50+ demographic, you will want to ensure your marketing strategy includes a campaign that directly targets this rapidly growing consumer group.

Industries that should consider advertising in Senior Living include:

• senior residences

• senior housing programs

• realtors

• home support professionals

• movers

• medical equipment suppliers

• financial planners

• accountants

• lawyers

• meal providers

• relocation specialists

• renovation companies

• developers

• property managers

• notaries

• gardeners and landscapers

• house cleaners

Senior Living can help you reach your 50+ market with the right message at the right time because we do our homework on senior preferences every day.

Call or email us for more information.

Phone: (250) 479-4705

Toll free 1-877-479-4705

Email: sales@seniorlivingmag.com

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