Baby Boomers are the most demanding consumer generation Australia has seen and they will break and reshape the retirement living sector.
Speaking at The Urban Developer’s Aged Care and Retirement Living vSummit this week, Cam Ansell from Ansell Strategic said the Baby Boomers had the financial means and desire to “disrupt” the industry.
He said they would not accept rationed care and would spend their money on building a retirement lifestyle they wanted.
“We have that massive demographic shift … this next generation are the wealthiest and most demanding of any generation,” Ansell said.
“They will not be grateful to receive the standard ration-based service that we are offering.”
Ansell said the quandary facing developers of retirement living and aged care right now was the need to accommodate three very different groups of users, the acceptors (current users), the disruptors (the Baby Boomers), and the expectors who would follow.
“The expectations of Baby Boomers [will] start to influence us. They are disruptors, they are not going to go into aged care, they will want the services to come to them,” he said.
“This [system] is going to change, and the time to be doing something about it is now.”
Paul Browne’s LDK Healthcare is one developer leading the evolution of the industry with a “one-move-guarantee” that is making waves in the retiree space.
“We use a model that is … independent living through to the end of life,” Browne said.
“Let’s remember Paul Hogan and Tina Turner are 82 this year, older people now have iPhones and want different things … they want a product that I want.
“Most people in their mid to late 70s will downsize … our one move promise is a golden ticket for people when they find out about that option.”
Von Slater from Lifestyle Communities also spoke at The Urban Developer vSummit on Aged Care and Retirement Living.
She said their customisable properties were hitting the mark with the Baby Boomer generation.
“Baby Boomers want choice—they want to be able to choose everything in their house,” she said.
“There’s a brag and peer factor. They want to customise everything … [from] zip taps with sparkling water to fittings.
“That’s what we’re evolving to and what they are looking for.”