It’s been well documented over the last decade or two that Australia, and indeed the world at large, is ageing rapidly. There is a vastness in this phenomenon that is difficult to scope. It’s not just the sheer volume implicated, but a range of other factors that will need to be considered by government, seniors, developers and operators, legislators, health professionals and society itself. The task of housing and caring for our ageing population is immense and daunting, but at the same time, exciting for our industry.
In all this vastness, opportunity and perhaps a degree of uncertainty, are some basic principles that underpin our very existence as humans. We need a place to eat, sleep and recreate our lives as we age. This, of course, has been our challenge as humans since we began roaming the earth.
So does our industry need to be so uncertain in terms of where it goes? Definitely not.
Understanding basic needs
If we understand the basic needs of life, it only remains to determine what variations are available in terms of the products and services that we as an industry strive to provide. There are no absolutes in this industry. People are different in terms of tastes and preferences, and yet so similar in terms of basic needs.
Like any industry, the challenge is to identify growth opportunities. Thankfully, we now have access to previously inaccessible information to make this an easier task. Demographics, services, growth projections and real estate information are readily available to make the identification of opportunity easier.
Secondly, who do we target and what do we target them with? People in our society have diverse financial histories, so it follows that some will have plenty to spend on a retirement offering and some will have less. The trick is to match the product price point with the identified audience.
Mark Bindon will be speaking further on ‘Identifying growth areas & creating low cost villages’ at the Driving Growth in Retirement Living conference. Book soon to secure early bird rates!