Shifting business models create new opportunities
As the wellness industry continues to evolve and expand, those who serve the active-aging population can benefit from new opportunities to grow their business through increased demand or by supplementing existing products and services.
According to the “ICAA State of the Wellness Industry 2022,” 81% of respondents believe executives in their organizations give wellness a high or essential priority. Even more, among 242 senior living and care organizations, 61 percent or respondents expect that by 2025, they will be a wellness-based model with options for care.
These responses indicate a rising awareness of the blended power that prevention, lifestyle, care and hospitality have in helping older adults live better longer. Ultimately, that translates into greater business opportunities.
Among them for the upcoming year:
- 62% of organizations plan to add technology infrastructure to current buildings
- 54% plan to replace or add new fitness equipment
- 40% expect to redesign or remodel current public rooms
- 34% will design and build new buildings
In addition, 40% of survey respondents allow nonresidents and nonmembers to access facilities for a fee, with the most popular being the fitness center (73%), lectures and art programs (67%) and dining/café (67%).
As the aging population transforms society – and those over age 50 hold 76% of discretionary income in North America – the industry landscape is ripe with opportunities for your business. With 20 years of experience and expertise, ICAA offers multiple effective avenues to capitalize on them.
Connect your mission and brand to the ICAA universe to take advantage of today’s robust environment for wellness and generate a valuable return on your investment. Reach out to an ICAA Business Development Director to learn more and to craft a customized approach that best serves your business.
Let’s embrace this transformative time together.