Unlocking the potential of the seniors market

The key to unlocking the vast untapped retirement living market is a multidisciplinary approach.

Retirement living professionals and development experts must share their knowledge and work together if they are ever able to unlock the potential of the ‘untapped’ retirement living market.

This theory was the motivating factor for a series of recent workshops, presented by ThomsonAdsett and a range of other industry specialists.

The ‘Untapped’ workshop series, organised for the members of the Retirement Villages Association (RVA), thematically examined the various types of new developments which could work in the new market segment.

Currently, only five percent of Australian retirees over 65 choose to live in a retirement village. Considering the nation’s ageing population, the over 65s market is expected to be the fastest growing segment of the population over the next 20 years. 

Industry professionals discussed the market’s future potential, while pinpointing the sector’s major issues.

Director of ThomsonAdsett’s retirement living services, Chris Straw, stressed the need for retirement living developers to work with other industry professionals such as architects, market analysts, sales and operations consultants, marketing and branding experts and financial analysts to reach the seniors market.

“We see huge potential in ‘the other 95 per cent’ of retirees and collectively, we wanted to provide developers with the right tools to capture this growing market,” said Mr Straw.

Developing the retirement living market, he said, “is not just about one thing but it’s a combination”.

“Adding another dimension can change [everything]…One thing affects the other- It’s more than just being an architect anymore. You’re almost in charge of an orchestra.”

The workshop series, which included representatives from BurnsBridgeSweett, Premier Consulting, Knight Frank, SAE Creative, Independent Managing Group and ThomsonAdsett, presented a new integrated and market-driven approach to delivering retirement living products.

CEO of the RVA, Andrew Giles, said attendance levels were impressive, as was the highly informative content delivered by the industry’s representatives.

“The Untapped program touched on a number of important issues,” said Mr Giles.

“I’m confident that by incorporating positive planning, design, marketing and new innovations into prospective developments, we can really show Australians how great retirement village living can be.”

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