The experts always say, “look for the market gap.” Loosely defined, a market gap exists when a lot of people need something that not many companies are providing. If your company can fulfill that need, you’ll have lots of customers headed your way.
One of our industry’s top resources, Hanley-Wood, has published a report highlighting a significant opportunity with the aging baby boomer population. Notably, the number of adults aged 65-74 is projected to nearly double by 2030. And contrary to popular belief, they don’t intend to flood nursing homes or downsize. More than 80% plan to stay in their current home for retirement.
Here’s the gap: while growing numbers of people intend to “age in place” in their homes, they often lack the kinds of accessibility features (in their entry doors, for example) they may require. Contractors, remodelers and building products manufacturers such as ProVia are needed to fulfill this huge demand, that will grow for many years to come.
Remodeling Professionals Needed!
“Age in place” households have a huge need for professionals and products, and this is highlighted in facts from a Remodeling report citing studies done by the AARP, the Joint Center for Housing Studies Harvard University, and Hanley Wood 360 Research: