Ormax predicts 2.4 million Mumbai seniors will live alone by 2031
Mumbai : Ormax Compass, a consumer knowledge organization, has just produced a paper called “Expectations of Post Retirement Life,” in which the authors explore the thoughts and dreams of...
Mumbai : Ormax Compass, a consumer knowledge organization, has just produced a paper called “Expectations of Post Retirement Life,” in which the authors explore the thoughts and dreams of senior adults in the Mumbai Metropolitan Region (MMR) about their post-work years. The research showed that by 2031, there will be 2.4 million seniors in the MMR area who were doing it on their own. In addition, this trend demonstrates how retirees are reevaluating their future plans.
Seniors in MMR are ready to live independently in a nuclear environment, the study found. Many respondents thought they would be the final generation to look after their elderly relatives, saying they didn’t count on their own children to do so. They think it is crucial to be self-reliant in all ways, including materially and psychologically. They have a practical outlook on the matter and don’t want to put undue strain on their kids or relatives.
The percentage of senior citizens in Maharashtra’s estimated population of 125 million is greater than the national average of 10%. By 2031, it is expected to account for 15% of the market.
The Indian population of those aged 60 and up was growing at a quicker rate of 3.8% per year, up from 2% per year before. According to data from the 2011 census, the number of people aged 60 and more in India was projected to be 103 million, or 8.6% of the total population. By 2021, that figure will have risen to 139 million, or 10% of the world’s entire population. Birth life expectancy in India was 69 in 2014, is forecast to rise to 71 in 2030, and might reach 75 in 2050.
According to Priya Lobo, CEO of Ormax Compass, “Analysing the mindset of older adults in MMR could benefit in developing a comfortable living environment. There seems to have been a paradigm shift among the elderly, and independent senior living may become the norm within the next decade. Ormax Compass research can be used for more than just real estate decisions; it could be helpful in establishing insurance-related financial programmes or even planning company perks for retiring staff.
The real estate market may not have paid as much attention to the needs of seniors as they did to those of younger consumers. But, as Ms. Lobo pointed out, “the market appears to offer a big demand today due to the increase in base and changing mindsets.”
The study also offers crucial cues for property and urban developers:
-MEDICAL FACILITIES: 100% of senior-citizens surveyed believe that easily accessible and reliable medical facilities are crucial. In the wake of the pandemic and the stress around emergency facilities, respondents believe that residential facilities in close proximity to hospitals and other emergency facilities are needed.
-TRACK RECORD: 90% of senior citizens surveyed expect realtors to have a proven track record when it comes to development of realty projects. Observing a similar property and first-hand experiences are reassuring and likely to enable a positive decision.
-COMMUNITY LIVING: 80% of respondents felt staying in a likeminded community is key, away from the hustle and bustle of city life but yet connected to Mumbai is what matters to them, when it comes to planning for a retirement abode.
Respondents averred that a good living abode would help meet the best years of their lives ahead in a peaceful manner. While there were several expectations, the respondents also cited concerns such as the inability to find good, reliable domestic help for doing mundane chores or unseen disruptions to an otherwise peaceful and relaxing life.
With rising income levels and relatively good health, a growing number of Indian senior citizens are now economically independent and willing to actively seek and choose to pay for facilities and services to fulfil their needs. Retired living communities will play an increasingly integral role in addressing these growing Active Ageing needs.
The MMR region is home to several large government corporations like BARC, ONGC, RBI, HP, BP etc. Many of these corporations provide accommodation to their staff until retirement. Many of these employees are expected to retire soon. This makes it a good catchment area for retired living residences.
Ormax has compiled this report by studying secondary data from various government sources, and by conducting primary research in the MMR region.
About Ormax Compass:
Ormax Compass is a Consumer Knowledge firm that has been delighting client partners for over 37 years. With a strong foundation in Human Psychology and Behavioral Understanding, Ormax Compass has a rich experience across a range of consumer segments and geographies with assignments straddling across category understanding, brand health, communication testing, product testing, and product usability studies.
