The term “aging in place” might sound like a tired buzzword, but it’s actually a concept with significant meaning—one that many retailers have yet to tap into. Older consumers are increasingly making the choice to stay in their homes, and they’re willing to invest in making those homes more accessible, comfortable and safe. This is a market that’s largely unexplored and, for flooring businesses, it could mean a substantial opportunity for growth.
Many older homeowners are facing a crucial decision: make their homes more suitable for aging or move? With housing prices soaring and the burden of a larger mortgage no longer appealing, staying put is becoming a more common choice. Many older consumers have spent years building equity in their homes and are now looking to improve their current living situation rather than face the stress and uncertainty of relocation.
Take me, for example. I’m facing a second hip operation and have decided to make several improvements to my home: adding a bathroom downstairs, upgrading the staircase and enhancing the space with area rugs. Why move when I love my house? It’s mortgage-free, and the idea of relocating would use up all the equity I’ve worked so hard to build. Plus, the thought of leaving my long-time neighbors, friends and community is another major deterrent. This sentiment is echoed by many older Americans, who prioritize staying in their familiar surroundings as they age.
Servicing the aging in place market represents a significant opportunity to help older adults make their homes more accessible, comfortable and safe. Not only is this a growing market, but very few flooring companies are actively targeting it, which presents a rare opportunity for early market capture. Real estate agents, downsizing services and organizers who help people declutter are already building profitable businesses in this space. Flooring retailers could partner with these businesses to create a niche service.
The opportunity for dealers is ripe given the fact that flooring plays such an integral role with respect to safety. As they age, older adults are increasingly focused on making their homes easier to navigate. Flooring that reduces tripping hazards becomes a priority. Materials like vinyl, rubber and low-pile carpet are particularly popular because they’re easy to maintain and comfortable to walk on. Bathrooms, too, are evolving into more spa-like spaces, with features like steam showers, saunas, jacuzzies, hot tubs and even heated floors. At the same time, many older Americans are gravitating toward flooring materials that prioritize comfort and health, such as heated floors or cushioned options. Soft carpets are often a popular choice for bedrooms or living areas, while hardwood or laminate floors are chosen for kitchens and bathrooms for their ease of maintenance.
Bottom line: Businesses that recognize the needs of this demographic—and adapt their offerings accordingly—can tap into a largely untapped market. By expanding services to include accessibility-focused solutions, flooring retailers can ensure they’re catering to the evolving needs of older Americans and positioning themselves for long-term success.
Lisbeth Calandrino has been promoting retail strategies for the last 20 years. To have her speak at your business or to schedule a consultation, contact her at lcalandrino@nycap.rr.com.
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