There’s growing demand for specialized services as the population gets older, creating a “golden” opportunity for businesses to find—and fill—market niches, reports USA Today.
The aging trend is producing opportunities for a variety of senior-related services, but companies aren’t just catering to seniors. Their market extends to the boomer generation, as well, many of whom are currently taking care of their elderly relatives.
“Today’s senior is more savvy, and their Baby Boomer children certainly are more savvy about what it is they need and how you meet that need,” Gail Stokes, editor of Charlotte, N.C.-based magazine All About Seniors, told USA Today. “I’m not sure there was ever really an industry that served seniors like we are doing now.”
Disparate geographic locations is a contributing factor to the reason why these types of services are being increasingly sought after.
“Often in this day and age families are spread across the country,” the article quotes Jullie Gray, president-elect of the National Association of Professional Geriatric Care Managers and a principal of Aging Wisdom, a care management company with offices in Seattle and Bellevue, Wash., as saying. “Often they will turn to a geriatric care manager to help bridge that gap.”
The business that are arising out of the growing senior population include money management services; moving services for those who are downsizing or moving into a retirement community; in-home care companies; and geriatric care management services, which can provide anything from taking clients grocery shopping, to cooking for them in their homes, to providing companionship.
Written by Alyssa Gerace