Yesterday, I was working with a client in the buildings and trade industry as they were preparing for a strategic planning session with a group of their senior executives. I reminded them that they needed to face a new reality — one that is separate from the current economic crisis.
As technology continues to evolve, society—due to advances in everything from biotechnology to stem cell research—will grow older. As such, residential builders need to seriously think through the needs of their future consumers. It is a mistake to think that the future needs of seniors will be the same as seniors today. In the near future, people living to 85, 90 and even 100 (and beyond) will be healthier and stronger than their counterparts today.
They are, however, just as likely to live on fixed incomes. So what does this mean? For starters, it will mean that they want to be protected from fluctuating energy costs. As a result, homes will need to integrate advanced solar cells, smaller “roof-top” wind turbines, energy-efficient nanomaterials, and smart meters.
Seniors will also want to maintain their independence, so builders will need to think through how advanced sensors, RFID technology, robotics and new multi-touch sensors will enable and foster self-sufficiency.
The current climate is tough and better days are ahead for the industry. Nevertheless, the industry will face new challenges in the future and the time to be thinking about those challenges (which are also opportunities) is now.
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