OPINION
AGEING CONSUMERS Ask an expert
What do spas need to change as the majority of their customers reach
retirement and older age? Katie Barnes investigates
T
he sheer number of baby boomers makes them one of the most infl uential generations in the world. Born between 1946 and 1964,
these 51- to 69-year-olds represent some 450 million people worldwide according to the AgeLab research organisation at MIT university, USA. They’ve shaped the world as we know it today and they’re growing faster than any other age group as a result of longer life expectancy and declining fertility rates. They’re also the main market for spas.
In the latest State of the Spa Travel Report by Spafinder Wellness 365, 63 per cent of travel agents in North America report that 46-65 year olds were the age group most likely to book spa travel in 2013. But as people age, their biological,
psychological, social and economic characteristics, needs and expectations change. “Global consumer product and service companies that start now to assess, adjust and update their product offerings to best serve this evolving and increasingly influential 50+ market will be far more likely to grow their consumer base and to reap great rewards,” according to a Deloitte study Wealth with Wisdom. The report suggests a framework for understanding the 50-plus consumer segment and we outline the findings on page 72. Euromonitor’s Later Lifers briefing, which gives a breakdown of this demographic globally makes for compelling reading too.
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What if you can’t aff ord high-end facilities? Is there a market for less expensive active adult communities?
The question is: are spas really ready
for this demographic shift? How can they adapt their design, treatments and service style to make them age-friendly? Given that boomers reject the idea that they’re ‘old’, how can changes be made without singling them out or taking away from a luxury environment? Although it may seem like a while off yet,
especially for the younger boomers, there will inevitably be an increasing demand for wellness-focused retirement communities and facilities. Serenbe, the sustainable, progressive community in Atlanta, USA, is developing a healthy-living hamlet with special assisted-living services for older
adults (see p68). Meanwhile, in the UK, Richmond Villages has seven wellness- focused retirement homes (see p66). But what will happen to those who can’t
afford high-end facilities? Is there room in the market for more affordable, active adult communities? Or could spas team up with retirement homes? And if so, what do they need to do to position themselves as being age-friendly? We ask the experts. ■ Read the Deloitte report:
http://lei.sr?a=p0e7T ■ More about Later Lifers:
http://lei.sr?a=G3P2V
Katie Barnes is the managing editor of Spa Business magazine Email: katiebarnes@
spabusiness.com Twitter: SpaBusinessKB
SHUTTERSTOCK.COM/GOODLUZ
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