The Prospect Profile research we commissioned with AOR is in, and the executive summary opens as follows:
The sector is at a critical juncture where there exists enormous opportunity for growth. This is not just about maintaining sales, but creating a shift change in our society in the need the sector fulfills.
The Australian population is ageing. At the same time, COVID-19 has exposed the vulnerabilities of the oldest members of society.
In a culture where independence and control over one’s life is paramount, the importance of maintaining this sense of independence and control as one ages has grown. The compelling role of retirement villages is to enable this.
AOR surveyed 2,200 non-village residents aged 60 to 85 with a combination of online and telephone surveys across June and July.
A substantial 43% of respondents reported an increased sense of vulnerability under COVID.
The number of people who had a significant increasing concern about their ageing housing and care needs had jumped from 13% when we surveyed them in January 2018 to 23% today.
Between 2018 and today the number of people who would seriously consider a retirement village has increased by 33%, from 9% of the population to 12% of the population. This is significant.
46% of people are now open to the concept of a retirement village or planned community. This is also significant.
Drilling down through the research, the LDK village model delivers on the fears and aspirations of this increasing cohort. The business model also overcomes perceived obstacles.
There are still obstacles to overcome to deliver on the opportunity – which the research identifies – but the message is clear. Now is the time for village operators to refine positionings to deliver these willing customers.
If you like to learn more about the research, please email me HERE.