Part of our brief, here at Superaging.info, is to watch what firms are doing in the longevity sector. It can provide a valuable “early warning” to new products, new trends and other new ideas that SuperAgers should be aware of.
That’s why we were very interested in this new report about the family caregiver market. It’s written for the corporate audience — telling them how big the caregiver market is, what that market demands, and what new products and services are being developed. We found some exciting data here.
First, the market is huge. Over 130 million “care consumers” in the USA, controlling over $6 trillion in annual spending. (Of course, not all that spending is specifically related to caregiving, but the idea of treating these people as an identifiable consumer group, and trying to cater to all their needs, is quite novel.)
The report offers insights for two specific industries initially — insurance and consumer finance. (Pharmaceuticals and consumer packaged goods are coming next). Within these first two sectors, some very innovative developments are under way:
– Easier and more holistic digital navigation (aided by AI) of all insurance products
– Cross-generational care solutions for families coping with multiple care needs
– Better integration of insurance solutions with overall financial planning — for example, to better leverage home equity as a source of funding for aging in place and care solutions
– Specialized bank accounts for older customers, including enhanced security features, easier navigation, more specialized product and service solutions
All of these are in response to better identifying the needs and wants of family caregivers. It’s not unlike what we’ve already seen happening with the “retirement living” industry, which now recognizes that today’s customer is very different and demands much more. It’s a logical extension of the “consumerization” trend we identified and wrote about in our book.
SuperAging is all about taking charge and demanding more. Reports like this one are an encouraging sign that the marketplace is getting it.
(Photo credit: AnnaStills at iStock by Getty)