Boomers vs. Gen Y: Who Let The Dogs Out?
Every Monday, we take a look back at the content that our followers engaged with the most during the previous week.
First up this week, Mcknights Senior Living addresses the significant caregiver issues the United States will soon face once the family and caregiver crisis is upon us. China is indeed learning about this the hard way.
Then, StarTribune reports that millennials would rather have pets than children. In fact, Millennials are two times more likely to buy clothes (and more) for their pets than baby boomers.
MOST CLICKED: It’s A Problem: The Numbers Don’t Add Up…More Parents Than Children
The United States and China alike are going to have to face some harsh realities about our seniors. The fact is, that there are more seniors than there are children, so who does the responsibility of taking care of our parents and grandparents fall on?
The National Investment Center for Seniors Housing & Care Chief Economist Beth Mace reports that there are about 46 – 64 years for every one adult aged 80+ years. By 2030, that ratio will be about 4:1 and 3:1 by 2050…the crisis is indeed looming.
China’s “One Child Policy”, in effect from 1980-2015, means one child is to provide care for four grandparents and two parents. In theory, the elderly is supposed to receive care from their children and they are supposed to contribute to the harmony of the family and society.
However, China has seen increases in elder abuse. In an attempt to provide some relief and accountability to the crisis, China has set forth policies that mandate the adult children have to support parents over 60 (which includes visiting frequency). China even threatened adverse impacts on the family name, or even on one’s credit, for neglecting to comply with the care giving laws.
As marketers, we have to be mindful that the United States isn’t far behind. Policy makers struggle with the best course of action as well but are looking for ways of financing long-term care and ensure that there are enough caregivers for an increasing American population.
Some agencies and organizations have already started implementing programs that address these challenges, however, it’s time the entire country, including the senior living industry, does too. Make sure long-term care and services are promoted to both baby boomers and more importantly to the adult children. After all, they will be the ones responsible for making the major decisions… it’s the law (well in China, anyway).
MOST SHARED: Socially Motivated Millennials Will Spend More On Their Pets Than Baby Boomers.
As marketers we have to be mindful of the importance of our furry friends to our target market, as well as their children and grandchildren (especially those millennials).
Creating Results recently reported that pets are a significant factor when searching for a retirement community. When we reviewed search logs, several client sites showed “pets” were one of the most popular topics of interest. Seniors DO love their pets, however millennials love their pets a bit more.
In fact, millennials are less likely to be home or car owners, or even become parents, compared to their predecessors but WILL most likely have a pet. millennials are even half as likely to be married or living with a partner than this age group 50 years ago … and social media is one of the biggest drivers (shocker).
According to a 2014 study by Wakefield Research, millennials are two times more likely to buy pet clothing than baby boomers all because of social media. That digital stamp of approval means everything to us millennials!
The Wakefield Research study also found that 76% of millennials said they would rather splurge on their pets than themselves. Splurges include things like expensive treats or a custom bed, whereas only 50% of baby boomers said they would do the same.
It’s confirmed that both millennials and baby boomers alike sure are crazy about their pets. But before you go ahead and center your next campaign on extravagant pet-related amenities your community will soon offer, keep in mind that baby boomers will likely be conservative spenders when it comes to their pets. However, spending money to make sure your keywords, images and community plans are in fact pet-friendly is a more sound strategy.
To read the full article in its entirety, click here.