How to Capture Two Markets in Senior Living

Concierge services. If you follow the senior living industry, you’re hearing this term a lot these days.

The trending topic of concierge services speaks to the changing demographics in senior living, to the incoming baby boomers, to the deep desire for customization and personalization, and to the demand for luxurious extras.

Today’s seniors want none of the senior living communities of the past—the ones they remember distastefully from their youth. In those communities, based on the 1960s hospital model, they saw sterile environments, institutional food, curt staff, and unhappy residents sitting alone.

The Starbucks Model

The new generation of seniors is accustomed to luxury, choice and ample amenities. Starbucks and its ilk, have trained them to look for homelike decor, delicious beverages and snacks, and relaxed atmospheres. As Senior Housing News reports, senior living communities across the country are seeing significant success from introducing higher-end residences, complete with luxury interiors, enhanced medical services, and yes, concierge services.

A Tale of Two Markets

Today’s senior living communities cater to two distinct markets:

• The Upper Middle-class Buyer: This individual has worked all his or her life, and either has a healthy pension, or has saved a significant amount in a retirement account. He or she likely owns a home debt-free—often with his or her spouse—that he or she will need, or want to sell to cover an entry fee for a senior living community.
• The Luxury Buyer: This individual has worked in a professional or business field with an income significantly higher than average, and he or she and, typically, a spouse,  have saved significantly more than the average person. This person may have real estate holdings, and may have inherited wealth. This person does not need to sell a home to enter a senior living community—and may even wait to sell it until he or she has moved, for maximum convenience and minimal disruption to his or her lifestyle. It’s this buyer that the new higher-end communities and residences target.

Concierge Services Through Technology

To cater to the luxury buyer, as Senior Housing News notes, communities are introducing higher-end product at a higher price. To meet the needs of the upper middle-class buyer—constituting the vast majority of people moving into senior living—they're looking to innovative solutions. With IndependaTVe™, communities are providing premium services without the high cost of adding staff. IndependaTVe™ provides senior living community residents with the opportunity for customizing their lives—through engagement with loved ones, monitoring of health metrics, social sharing and more. As the senior living industry continues to add high-end concierge services—at significant expense—IndependaTVe™ offers a user-friendly, scalable, convenient and affordable way for all residents to enjoy enhanced retirement lifestyles.