Building Products Manufacturers Can Benefit from Unconventional Retiree Markets
What this means for the building products industry is a greater likelihood of a 65+ population that is more comfortable with aging-in-place as opposed to moving to a different region. That, in turn, means more customers looking for building products to update or upgrade their homes—siding, flooring, insulation, roofing, lighting…and the list goes on.
Until the housing industry experiences its next boom, the R&R market continues to stand as a viable option, and building products marketers would do well to heed the realities of the industry—even when then run counter to our expectations.
With Boomers entering retirement, marketing building products to aging seniors isn’t a new idea, but where you should market to them is—north. It seems to defy logic but it’s true.
In a Bankers Life and Casualty Company survey, identifying the best qualities for senior living, it turns out the northern cities offer more for aging populations than the southern cities we typically associate with retirees.
So the #1 city for seniors? Minneapolis (avg. January high: 24º F). But a balmy southern city is #2, right? Actually no. Rounding out the top five:
Not exactly the short-sleeved communities you would expect. In fact, you have to scroll down to #16 before you find a city without significant annual snowfall (Oklahoma City). And it turns out the only Florida city to make the top 50—Miami—has to settle for #35.
Obviously there’s more than climate at work here. The survey considered a range of non-weather criteria, including: healthcare, economy, health and longevity, social, environment, spiritual life, housing, transportation, and crime.
Scott Perry, president of Bankers Life and Casualty Company, said they wanted to “find cities that did the best job in providing services and support that seniors need.”
Thanks to the portrayals of The Golden Girls, Jerry’s parents on Seinfeld, and far too many stand-up routines to count, the perception of Florida and other warmer locales as the literal hotspots for senior populations may be overstated.
Sources and Additional Articles
- Source: Best U.S. Cities For Seniors Not What You’d Expect, Says New Study
- IBM CMO Study Provides Insight into Building Products Industry
- New Building Product Industry Report Points To A Flat 2012