9Jan2017

Luxury Senior Living

The increasingly popular trend of “luxury senior living” is the direct result of the large number of baby boomers driving the industry.  This group of retiring adults is united in the desire to live in an environment reflective of the quality of life they have become accustomed to.  Those with the means are more than willing to splurge.

“If [seniors] have a million or a couple million dollars in liquid assets, they have enough assets to pay for a very luxurious last few years of their life, and they want to enjoy the last few years.” –Senior Housing News, August 23, 2016  (for the full article, click here)

Luxury senior living isn’t just for convenience and splendor, either.  It can actually make the most financial sense for seniors with the ability to afford it.  This article on bankrate.com explains how this option can benefit seniors that choose to go the luxury living route, explaining that  “Ninety percent of [the senior’s] entry fee is returned to the resident when he moves out or is returned to his estate when he dies. It’s a smart financial decision that preserves your asset base for your children, wrapped in a decision to live in a luxurious, carefree environment.”

So, what kinds of things are seniors looking for when it comes to luxury senior living?  They want quality service and expect concierge level treatment.  They want fine dining and resort style service.  And they want their hobbies and interests represented in their surrounding community.

Senior living communities have been evolving to keep up with demands of baby boomers that are looking for senior specific housing.  This has led to a rise in niche senior living options looking to cater to specific crowds and overcome negative stereotypes of sterile nursing homes and hospital-like living conditions.  Baby boomers have changed the face of senior housing and what retirement looks like.   Click here if you’d like to learn more about ESCO’s CareConnect program and how it can help boost the “luxury” level of your retirement community.

 

4Jan2017

Senior Living Trends to Look for in 2017

Predictions for senior living in 2017 continue to look towards technology advancement and decreasing senior isolation from the community at large.  How individual senior living communities take advantage of these trends will inevitably vary, but we’ve put together a list of the most common denominators to be on the lookout for this year.

  • Wireless internet is becoming a must have item in senior living.  According to research published by Flik Lifestyles, “seniors are increasingly savvy technology users – readily accessing laptops, smart phones, mobile devices and tablets, social media and cloud-based apps. They expect wireless connectivity wherever they roam, including most especially their homes.”  Read more from the report here.   The days where senior living communities could skimp and rely on wi-fi solely in common areas are coming to an end.
  • Software spending will replace hardware spending.  According to Forbes’ The 7 Unmissable Tech Predictions That Will Define 2017,  “infrastructure spending is increasingly being put into software, as more and more functionality becomes available “as-a-service” through cloud providers.”  What does this mean for senior living?  Seniors today are looking for top notch service with concierge style amenities.  As noted in the Flik Lifestyles report, “current and prospective residents expect a level of attentiveness from staff members who bring a service-oriented attitude to every interaction” and ” often seek concierge-style services including room service, car service, personal shoppers and one-on-one educational and cultural experiences.”  A technology framework that can facilitate these services will likely be software based.

  • Senior living communities are teaming up with local universities and child care centers to foster lifelong learning.  Intergenerational living facilitates relationship building and combats senior isolation, and “the fastest-growing options for retirement are communities with ties to colleges and universities, giving residents access to campus activities, from classes to concerts” according to bankrate.com.  You can read more about intergenerational living here.  There are benefits for everyone involved, and communities that embrace this model are thriving.
  • Another main focus for senior living in 2017 is the concept of total wellness. Senior living communities are continuing to move beyond the physical well being of their residents and focusing on mental health, spiritual health, and social experiences.  Last January, The Senior List posted their trends to watch for in 2016 (you can read the list here).  They noted that person centered care and niche senior living communities would rise in popularity, and that trend is not showing signs of slowing down in 2017.

If you’d like some information on how ESCO Technologies can help your senior living community meet 2017 head on, contact us for a quick chat.

 

 

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