Senior living in 2022 – how did we get here? While the last two years have been difficult, the industry continues to bounce back after being turned upside down due to the COVID-19 pandemic. Cities and entire states were put on lockdown. Senior living facilities were especially vulnerable to the highly contagious coronavirus and most seniors were at high risk of severe symptoms. But as vaccination rates rise, among both residents and healthcare workers, we see the market not only start to recover, but evolve to the new needs of today’s seniors. Now is the time to focus on the future, but you can’t just hop back onto the same path you planned in 2020: you need to welcome disruption. Keep reading for tips on how to leverage current consumer behaviors and expectations in order to deliver top-tier services to your communities and attract the next generation of prospects.
Creating the Ideal Lifestyle
As time continues to trickle by, the target prospect for senior living communities in 2022 is predominantly the baby boomer generation. These smart and savvy seniors came from a generation where it wasn’t uncommon for older loved ones to move in with the family, and the idea of a nursing home was often accompanied by a negative connotation. So how can senior living communities hope to win over this generation? By offering them the ideal lifestyle.
“Giving seniors three squares and meeting their basic living needs, as many nursing homes have done for the World War II generation, is not going to cut it for more demanding boomers,” shared David Freshwater, chairman of Watermark Retirement Communities in a recent article by the New York Times. Instead of providing the bare minimum, today’s seniors are still culturally and socially active, and demanding that senior living communities keep up.
With that in mind, communities have started transitioning away from the traditional nursing home sentiment and are now taking notes from the hospitality industry. “What we’re selling is a lifestyle,” says Rocco Bertini, executive director at Watermark. By creating an environment of luxury and providing amenities similar to a 5-star wellness resort, today’s seniors have warmed up to the idea of senior living as a fulfilling option for their golden years and look forward to living among like-minded individuals.
Custom Tailoring Your Messaging
As baby boomers start to welcome the possibility of senior living, it’s important to remember that these individuals still like to live an active, engaging lifestyle. To avoid the negative thoughts that corresponded with the antiquated impression of a nursing home, you’ll want to ensure you’re custom tailoring your messaging to fit both the wants and needs of this generation.
In today’s modern age, a dull cafeteria accompanied by a nearby multi-purpose room and hosting the occasional Bingo match isn’t going to be enough. With that in mind, your messaging needs to reflect the high-end amenities your prospects are seeking. Dining rooms with plush seating. European-style cafes. Smoothie bars. Eco-friendly packaging. The crackle of an exposed-brick pizza oven. The senior living communities thriving in today’s environment are the ones that have learned to incorporate tricks of the trade from the hospitality industry, with top-tier service to back it all up.
While a luxurious lifestyle and engaging programming are important to this generation, it’s also crucial to remember the main reason for senior living communities: providing medical or additional support as needed. Baby boomers are still quite an active generation, but will likely need support in the form of check-ins, assistance with daily medications, or help with dressing or bathing. In order to reinforce the resort-style living motto, the Watermark has marketed these items as “discreet services,” which allows them to touch on the topics necessary for the next stage of life, without putting a damper on the luxurious lifestyle they’re offering.
Aging and Diversifying Interests
In addition to encouraging baby boomers to pivot their thinking beyond the traditional senior living norms, it’s important to remember that much has changed since 1946, the first year to welcome this generation. “Boomers question things,” says Mr. Freshwater. “They don’t want to be entertained so much as engaged.”
A great example of just one of these changes is the incorporation of diversity and inclusion in senior living. A recent exhibit, titled “Not Another Second,” shares the personal experiences of 12 LGBT+ seniors and “the years they lost not living their authentic selves,” according to the show’s website.
Additionally, senior living has grown well past the days of being considered nothing more than Heaven’s waiting room. Videos and photos throughout social media share a behind-the-scenes look into the lives of today’s seniors, whether they’re giving personal lessons in love they’ve learned over their lifetime as a special Valentine’s Day message, or giggling with joy as dedicated community programmers tow them around the communities on inflatable floaties to offer a safe alternative to sledding on especially snowy, winter days. Sharing the entertaining and enriching activities available in your community can help prospects envision the kind of life they could experience if they come to stay with you.
A Year of Extremes Ahead
After a tumultuous two years, the senior living industry is bouncing back and will face an upcoming year of extremes: both bad and good. Items such as the increase in vaccination, growing demand for senior living, and the potential for revenue to reach peak levels are offset by the concerns of labor shortages and skyrocketing expenses.
So, how do you capitalize on the opportunity that awaits the senior living industry this year? As we continue through the second quarter of 2022, it’ll be crucial to continue watching the current market and be prepared to pivot in order to best serve today’s seniors, whether that requires adjustments to building design, operating models, and/or financial margins. According to a recent article published by Senior Housing News, “Owners, operators and other stakeholders will need to be proactive, creative and nimble in the face of challenges.” Communities that were already facing financial hardship prior to the pandemic may find themselves struggling to keep doors open, but agile establishments dedicated to meeting the wants and needs of today’s seniors can expect to see exponential growth this year, with the possibility of even surpassing pre-pandemic occupancy numbers.
One important contributor to success is to custom tailor your community and messaging to your market. While some will continue to focus on the smaller, middle-market communities, others will focus on high-rise, luxurious apartments and resort-like amenities. “In terms of luxury, the urban offerings from Coterie, Inspir, Sunrise and Watermark already are setting the bar higher than ever, with designs, technology offerings, hospitality services, health care, prime locations and other components justifying monthly rates of $20,000 or more,” continues Senior Housing News.
Memory Care Assisted Living Grows
While senior living was hit hard throughout the pandemic, memory care facilities most notably experienced difficult years. According to Senior Housing News, “The problems in memory care pre-dated COVID, due to an influx of new supply, with construction peaking in late 2015.” Factors such as oversupply, declining length of stays, and reduced occupancy prior to the pandemic contributed to the uphill battle as the start of the pandemic reared its ugly head.
“Covid-19 hit and memory care communities were ravaged as residents with dementia could not understand the necessity of social distancing and other pandemic mitigation procedures,” continues Senior Housing News. “Of all senior living sectors, memory care shed the most occupancy between Q1 2020 and Q2 2021, according to NIC data.”
However, there appears to be a light at the end of the tunnel. Memory care communities have begun growing momentum, with move-ins reaching a record high in 2021, and should continue to carry through the remainder of 2022. “No doubt, occupancy has rebounded because of the needs-based nature of memory care — people simply cannot defer moves as long as they can for other care levels,” shares Senior Housing News.
As strong, established communities rebound, memory care facilities hoping to survive the last few years will begin refocusing on creativity and refining their care models. It’s crucial to spend time focusing on your strategy and determining how to differentiate yourself in the market, positioning your community as a leader within the memory care industry.
Need Assistance Leveraging the Senior Living Trends of 2022?
Simply surviving the last two years is reason to celebrate, but focusing on the past isn’t going to make your senior living community a leader in the competitive environment moving at hyper speed. If you’re struggling to apply industry insights to your current business model and marketing strategy, you’re already behind. Contact ADage Marketing Group today to get back on track.