Generation X is the demographic of Americans born between 1965 and 1981. They have been largely ignored by the senior living market. The market has focused on baby boomers and millennials but Generation Xers are helping families with technology and are a big part of their parents senior living buying journey. While most marketers highlight the boomer or millennial demographics for their sheer numbers, Gen X is the bridge between the two and just as technologically adept as millennials, and they are arguably the most informed consumer generation. Generation X members read more online reviews and visit more opinion sites before purchasing a product, according to Chicago-based digital marketing firm Centro.
A larger obstacle in attracting Generation X might be the affordability challenge facing senior living, as owners and operators have struggled to devise a solid and scalable middle-market offering. Despite their relative wealth compared to other age cohorts, Gen Xers also tend to be cost conscious.
The more frugal Gen Xers will also want more affordable options when it comes time for them to make their senior housing decisions. But regardless of the rental rates, a community should have a wider range of financial planning guides and resources to accommodate Gen X.
Affordability will be compelling to Generation Xers when their time comes to be in the buyer seat. They will need someone to walk them through the financial implications. Our staff at Innovation Senior Management are well prepared to have these conversations.