Daily Facts - Day #72: The $1 trillion worth senior living niche
If current life expectancy is around 78 years and adulthood begins at age 18, than your midlife crisis should hit around age 48.
And that's just the beginning ...
If you are lucky enough, the senior living problem is there ... waiting for you ...
According to several sources, there are more than 500 million seniors around the globe and only a small percentage are really prepared for this crisis.
Here are a few more numbers ...
- the senior living problem is a $1 trillion market and keeps growing
- the annual growth of this market is around 3%.
- the average retirement age is 63 and more than 6,000 Americans turn 65 per day
- 13% of the US population is 65 years or older
The usual Google Trends charts are speaking for themselves ...
Here is the worldwide demand for the last 12 months ...
... and here's the regional interest ...
And Mr. jaaxy gave me 66,767 (!) AVG monthly searches for "senior living" ...
It's a complex niche that offers many leverageable avenues: active senior living, senior living communities, senior living homes, senior living care, senior living resources, senior living guidance, senior living services, senior housing, retirement planning, social security plans, etc. No wonder, I found 5,000 related items only on Amazon ...
My conclusion
Preparation is the key to a happier retirement. But we are living in a crazy world, and the senior living problem is a complex issue ... The uncertainty of social security, the unforeseen health issues and medical expenses, etc ...
So yes ... It's a sensitive global problem ...
And that means a HUGE market. Which is still growing ...
Your thoughts?
Recent Comments
55
Very true and also sad news when people get retired it hard for them, to depend on Insurance the prices for care a very expensive indeed especially when you got hospital bills no funny at all. Thank you for sharing a great topic
You are welcome, I love reading your articles very interesting thanks again for good information
Thank you for this information, I realize this was a growing market segment when I saw an increase in senior daycare and social facilities. Great job on your topic of choice
You are right and there is opportunity to create a much better service if an entity created a convenient plan for people that didn't need to rely on insurance. Trying to pay for even temporary care for my mother after her surgery was a nightmare. Her insurance wouldn't cover something like that. The problem is that it is a business just like hospitals and they are all competing with each other for high turnover rates. Home health aides are cheaper but you don't really know what you are getting. I guess I'm looking at it from the standpoint of the consumer and not just the advertiser, because there are alot of shady services out there.
So monetizing would be through Assistant Living and Nursing home advertising ? I’m assuming.
You could also look at devices and services to help people (or their aging loved ones) like clocks that speak the time when the button is pressed, medication management systems, fall alert systems (like life alert), aging in place services like meal deliveries, tutorials on teaching an elderly loved one the benefits of technology (example: kindle lets my grandmother blow up the text of any book to readable size and controlling a smart tv by voice address lets someone with severe arthritis watch what they want).
See more comments
Let's open up a WA Old Folks home! lmao
Sounds like retirement planning :))