Fluctuations in world economies, life expectancies and resident demographics have put the concept of “senior living community” through a worldwide evolution, according to a new report by market researcher Global Industry Analysts, Inc.
The report, which offers a rudimentary, global overview of the senior living industry, found that baby boomers prefer variety and creativity in their communities, or senior housing that is considered unconventional. The escalating costs of providing care, coupled with the increasing number of older adults who opt for professional care, are also expected to drive the market for senior housing, according to the report.
“Developers in the senior living industry have increased the number of options to retirees, and are offering residences that suit their particular lifestyle,” Global Industry Analysts said in a release.
The report found growing popularity in senior housing that surrounds universities or college campuses, as well as an increase in urban living options, which allow retirees to continue to work part-time in the community.
Global Industry Analysts also estimated the number of senior living communities that provide wellness programs to double in the coming years as these services become preferred by an aging population.
“Demand for customized services and programs is likely to drive the development of programs, such as memory care, hospice programs, restorative and/or rehabilitation services,” according to Global Industry Analysts. “The focus of resident programs that are engaging and aid in intellectual stimulation of an individual are expected to gain increased focus.”
The full report is available here for a fee.