Attention Senior Living Industry Leaders: Gen X is on Deck

When it comes to the future of senior housing in our community and throughout the country, insiders agree: adaptability is essential. We saw that throughout the pandemic. We're seeing that as our industry morphs for the "silver tsunami" coming our way: the mass retirement of the baby boomer generation amid an epic senior housing shortage. You'd be forgiven if your attention has been commanded by these two matters alone for the past several years, but it's time for senior housing to adapt yet again, and the reason may surprise you.

Gen X is on deck.

Generation X, comprises people born between 1965 and 1981, is often referred to as "the forgotten generation," as marketers generally have ignored this demographic in favor of the larger generations of millennials and baby boomers. Chances are, some members of Gen X have recently helped their parents research and secure senior housing at a senior living community, or will be in the near future, as they increasingly are stepping into the role of caregiver for their aging parents. In fact, 54% of caregivers today are between the ages of 50 and 74, and that includes Gen Xers, many of whom are sandwiched between caring for parents and raising a family. But what may surprise many industry leaders who've been focused on the baby boomers for years is that Gen X is nearly ready to retire themselves, with the first wave of this demographic turning 60 next year. And by 2028, living Gen Xers are expected to outnumber living baby boomers.

While, as an industry, we may have given them little thought, Gen X has very different tastes, preferences, and pain points than the generations before them. And for the senior housing industry, that means it's time to adapt — yet again. Understanding Gen X is a key starting point as we adapt to connecting with this demographic, whether they are selecting senior housing for their loved ones or doing some long-term planning for themselves. Here are some important characteristics of this generation to help frame your strategy.

• They spend much of their lives online. At the same time, Gen X greatly values word-of-mouth and online user reviews. Senior living providers must carefully consider their marketing and social media strategy to ensure they rank in search results, provide helpful information, and build user-friendly interfaces for these decision-makers. The online world is vast and fragmented: knowing exactly who your target audience is and where they spend their time online so you can invest your resources appropriately is key.
• While boomers have shown a preference for holding off on retirement, Gen Xers indicate they would prefer to retire earlier. This represents an opportunity for active lifestyle communities to pivot to attracting this generation with the right design and amenities. As Gen Xers on the leading edge are already 55+, the time to market to this segment is upon us, and the time to build is now.
• Gen Xers are the first 401K generation, and pensions were largely phased out while this generation moved through their careers. They've also endured two recessions. It should perhaps be no surprise that they are overall more frugal than their elders. Senior living and active adult 55+ communities looking to reach this generation must be mindful of the importance of affordability to this generation. Providing resources for financial planning may offer additional appeal and a sense of comfort with the coming life chapters for Gen X.
• Gen X is more ethnically and racially diverse, so planning for resident diversity holds increased importance than it perhaps has for past retiring generations. This may include looking with new eyes at activity offerings, menus, recruitment and staffing, and building design and architecture.

Adapting architecture and design in senior living construction to accommodate and attract changing generations is all in a day's work for us at DBS Group. When it's time for you to build or renovate to remain competitive in the senior living space, our innovative design and build approach can make a huge difference in the success of your project. Getting started today will ensure you are better prepared for the looming gray wave and Gen X on deck.

If you'd like to talk further about designing and building a senior living facility that keeps Gen X in mind, send me a message.