Look for a Potential Boom from Baby Boomers

The oldest baby boomers turn 63 this year. This generation’s buying power has been front and center in sales discussions for decades, and it would be a mistake to allow baby boomers to disappear from your radar screen simply because of the existing economic climate.

Despite the recession, boomers still have assets estimated at $45 trillion, so we can’t ignore their numbers or their wealth.

Many boomers are homeowners. The value of those homes may have fallen, but these boomers still have substantial home equity. Additionally, economic circumstances may force a larger percentage of boomers to remain in their existing homes.

Multi-generational homes are also increasing in number. Boomers are caring for aging parents in their homes rather than moving them into more expensive assisted-living facilities or nursing homes. They also are housing children and grandchildren who don’t have the means to buy or rent housing.

Even before the economic downturn, boomers wanted to stay in their homes for the long term. According to the American Association of Retired Persons’ (AARP) landmark study, “Fixing to Stay,” more than 90% of people 65 and older want to continue living in their current homes for as long as possible. Eighty-two percent say that even if they need help caring for themselves as they age, they prefer not to move.

To remain in their homes, aging boomers will need to update their door hardware, kitchens and bathrooms to fit their changing mobility. In fact, according to the AARP study, more than 70% of people age 45 and older have already modified their homes to make them easier and safer to live in as they age.

Finding Help

Where can boomers turn for help with customizing their homes so they can stay where they are? Big-box stores offer deep inventories and economies of scale, but don’t provide carefully chosen collections of truly outstanding products or the expertise to help boomers combine products and solutions to meet age-related needs.

According to “Fixing to Stay,” boomers want knowledgeable and trustworthy professionals they can work with in upgrading their homes, and they’re worried that they won’t be able to find them.

This spells opportunity for our industry. Decorative plumbing and hardware showrooms teamed with selective contractors are baby boomers’ best resource for making the upgrades they want and need.

Dave Patters with The Bath + Beyond in San Francisco, CA explains that most showrooms offer decorative lever handles for faucets and door hardware. These products are stylish and well crafted – and easy to use. “Merging form and function is something that appeals to all generations,” Patters says.

Walk-in tubs are another market opportunity. However, many of the existing models are not particularly decorative. When walk-in tubs become more stylish, in addition to being functional, they are likely to be a staple in high-end showrooms.

Tucson, AZ-based Benjamin Supply president Mark Berman explains that his company has always paid particular attention to aging-in-place requirements because Tucson is a large retirement area. The company has created special vignettes and product sections in its showrooms for customers with limited mobility and disability needs. The firm also provides special training to its sales team to specify and explain aging-in-place products, and has run promotions and targeted print ads to attract customers interested in modifying their homes to meet age-related requirements.

Millers Decorative Plumbing & Hardware in Dania, FL boasts a wide range of products to meet aging-in-place needs. “We have always dealt with an older crowd compared to most other areas,” company president Debbie Miller says, “so we’ve been selling these products since we started our business 36 years ago.”