A Competitive Analysis of Niagara's Business Opportunities Associated with Adult Lifestyle: A Demographic Perspective
Niagara-on-the-Lake, Ontario, November 12, 1999 - The Niagara Region is poised to become one of Canada’s prime investment locations for the adult lifestyle market, according to a report released today.
The report, entitled "A Competitive Analysis of Niagara’s Business Opportunities Associated with Adult Lifestyle: A Demographic Perspective", was prepared by the Madison Avenue Demographics Group.
Download the report highlights (in Adobe Acrobat format, file size 948K).
The study documents Niagara as foremost among Canadian communities to benefit over the next two decades from the growth of the 45-plus population.
"Niagara has increasingly become an attractive location for adult retirement and lifestyle activities," stated Foot. "The region is strategically positioned to capitalize on the population growth projected for the "Golden Horseshoe Area." A number of sectors, such as tourism, housing, and agriculture, stand to benefit from this shift in the marketplace."
Growth in Niagara’s adult lifestyle market, defined as products and services geared to people over 45 years of age, is anticipated to open up a range of business and investment opportunities for those businesses focusing on taking advantage of this changing demographic.
Commissioned by the Niagara Economic & Tourism Corporation, in partnership with Human Resources Development Canada, the report provides a comprehensive analysis of fundamental demographic trends in the 45 plus age group and the corresponding opportunities for Niagara. Some of the report’s findings include:
- Niagara ranks first among Canadian households headed by a person 55 years or older, and second in Ontario for households headed by a person 45 years of age.
- Baby boomers will dominate Niagara’s labour force up to 2009, when the next wave, or the "baby boom echo," will lead the growth rate over the following ten years.
- Education, health care, and transportation are among the top-ranked spending groups over the next ten years.
- Overall, recreation, household operation, and health care will be the fastest-growing non-food items over the next twenty years. In terms of food items, fruit, vegetables, and dairy products are identified among the top-selling items.
- Government-run lotteries, including casino spending, rank among the top twenty expenditures projected over the next two decades.
- Housing development, including home renovation and retrofit services offers significant investment opportunities.
- Niagara’ tourism market, projected to be one of Canada’s fastest-growing sectors, can expect a "boom" in the next millennium. Based on a catchment area that includes southern Ontario and the Great Lake States, household travel spending is projected to grow faster over the next ten years than the number of households within this bi-national region.
- Quality accommodation, golf, packaged travel, natural attractions, fine restaurants and wineries are among the identified leisure preferences of the 45 plus group.
- Agri-business, in addition to agri-tourism, is well-positioned to take advantage of the demographic trends.
Read "Seniors Mean Business", the St. Catharines Standard's coverage of this report.
Madison Avenue Demographics Group
- David Foot
- Richard Loreto
- Thomas McCormack