Longevity Market - What Does it Mean to You?
The term ‘Longevity Market’ is often tossed around in the media, workplace and scientific publications. Yet despite its commonality, the true meaning of the term differs based on the perspective of the person using it. Broadly speaking, the Longevity Market is designed to push society towards adopting values and methods that will support an aging population. To understand all that the Longevity Market encompasses, though, we have to look at the generation propelling it.
For most of us serving the senior market, we know the Baby Boomer generation is changing and shaping the way we do business. The Boom produced over 77 million babies. These babies are now retiring, at a rate of 10,000 per day, with most starting in 2012. This retirement period is shaping the longevity market as science, medicine, nutrition and basic lifestyle are attributing to much longer retirement periods compared to previous generations. After retiring at the age of 65, Baby Boomers are now expected to live at least 10-25 more years than their parents did. With priorities like travel, learning new hobbies, encore careers, volunteering and spending quality time with friends and family, Boomers aren’t expecting to hang up their briefcases and sail off on a cruise.
Boomers are demanding flex schedules from the workplace, high quality of life from long-term care communities, personalized experiences from the travel and hospitality industry, products to halt the aging process from the medical community, and the opportunity to fund an active lifestyle from legal and financial entities. They are demanding an entire market cater to their aging wants and needs. Ergo, the Longevity Market.
With the many sectors of the longevity market ranging from healthcare and life science to housing, finance, travel and public policy, most of us have a hand in this market. And with the increase in demand over the next couple decades, the ability to accommodate the increasing demand requires collaboration and sharing of resources amongst professionals and organizations serving this demographic. Together, we can make rapid and innovative change meaningful for whom those we serve.
To hear a more in-depth discussion on, “What is the Longevity Market?” tune into the Senior Summit Podcast on all major podcast platforms. We’d love to hear your thoughts as to what ‘Longevity Market’ means to you, your work, your perspective on the future and how you plan to meet the needs of this changing industry!
The Senior Summit Podcast Links:
Radio Public: https://radiopublic.com/senior-summit-podcast-8XPgr5
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