As a country, the United States hit a significant and impactful milestone within the past few months. According to PEW Research, millennials, or people aged 18-34 in 2015 totaled 75.4 million, surpassing the 74.9 million baby boomers (ages 51-69) in the U.S. population.
Just as our country is experiencing a shift in demographics, so too are the markets dedicated to serving the aging population and their younger family-member caregivers. One example of this can be seen in the personal emergency response system (PERS) industry. Substantial advancements in both the medical and technological fields have contributed significantly to increasing life expectancy as people are living longer, healthier lives. In the last century alone, global life expectancy has nearly doubled and on average, people are living past their 70s and often longer.
According to the U.S. Census Bureau, the population of 65 or older individuals is expected to increase significantly over the next two decades, with the fastest growth expected to come from the number of people 80 years or older. As our population undergoes these changes, one trend security dealers cannot afford to ignore is the evolution of the PERS user.
An aging population with the desire to remain in their homes represents a significant health and safety risk that must be addressed. One in every three people age 65 and older experience a fall, they unfortunately have an increased risk of another; however, today technology is being used to complement more active lifestyles and seniors are no exception.
Dealers who recognize that there’s been a shift in what they may consider “the traditional PERS user” have several methods at their disposal to increase their RMR and start a completely new revenue stream for their business. For some, it might be as basic as analyzing their customer base and retargeting. For those looking for more and are open to embracing new solutions, aligning your company with the right partners has the potential to vastly increase business.
Advancements in personal safety monitoring technology have expanded the market, and give home security dealers the opportunity to expand traditional security offerings. The ability to integrate mobile communication technology into PERS devices has allowed solutions to break free from simply monitoring users when they are home, to traveling with them when they leave the house and lead active lives.
Mobile PERS solutions provide the same level of protection and assistance that users have come to expect from their home-bound PERS system. Echoing this trend, traditional PERS pendants — linked to stationary home base stations — were only expected to grow 2 percent per year from 2012 to 2015 whereas mPERS solutions linked to mobile networks were expected to grow 35 percent per year within the same three years.
The need is there — nearly 90 percent of seniors express a desire to stay in their homes as long as possible and most feel that a solution that enables them to call for help easily would make them feel safer and more comfortable. Given the market potential and the need exists, how can home security dealers leverage these new technology offerings to expand their base and increase monthly recurring revenue streams?
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