Calling all Canadian businesses
MISSISSAUGA, ON, June 1, 2018 /CNW/ - Canada'sseniors are not afraid of innovation and want the private sector to develop products and services that improve the aging experience, empower their independence and provide more choice. That is what The Revera Report on Innovation and the
"With the growing aging population in Canada, what we're finding is that more and more seniors are taking an active approach to defining what they want. This represents a tremendous opportunity for Canadian businesses that choose to focus on innovations for the senior market," says Thomas G. Wellner, President & CEO of Revera.
Revera's Report highlights that market and other researchers tend to overlook the diversity within the senior population. Often, anyone over the age of 65 is categorized as a single group from a market perspective. With Canadians living well into their 80s and 90s, Revera recommends companies rethink how they view the senior market given that a person who is 85-years-old has different wants and needs than someone in their early 70s.
"There's a tremendous opportunity for companies and startups to take another look at the senior population and come up with innovative solutions to older adults' concerns about health or losing their independence," says Trish Barbato, Revera's Senior VP Innovation and Strategic Partnerships. "It's really an exciting sector to be working in."
Revera conducted a national survey of Canadian seniors and held consultations with its residents across Canada to learn more about how innovation impacts the aging experience. Eighty-seven per cent of respondents agreed innovation would help solve many worries they have about aging, and 84 per cent said the private sector can do more to improve the aging experience.
Seniors are actively seeking products and services that support independence and choice, but there is a gap in what is available to them given innovation efforts are rarely focused on improving the aging experience. The Revera Report on Innovation and the Aging Experience points out that companies that embrace this key demographic have a big opportunity as the Canadian population continues to age and has more wealth than ever before.
RecommendationsThe report offers three recommendations for Canadian companies ready to embrace innovation focused on seniors. First, recognize that seniors are a diverse segment and not a single demographic group. Second, adapt current product lines and services to reach the growing senior market. Finally, embrace the opportunity to develop new innovative products and services for older adults who are eager to remain independent as they age.
Survey highlights include:
About ReveraRevera is a leading owner, operator and investor in the senior living sector. Through its portfolio of partnerships, Revera owns or operates more than 500 properties across Canada, the United States and the United Kingdom, serving more than 55,000 seniors. The company offers seniors' apartments, independent living, assisted living, memory care and long term care. With approximately 50,000 employees dedicated to providing exceptional care and service, Revera is helping seniors live life to the fullest. Through Age is More, Revera is committed to challenging ageism, the company's social cause of choice. Find out more at ReveraLiving.com, Facebook.com/ReveraInc or on Twitter @Revera_Inc.
SOURCE Revera Inc.
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