2023 Purchase Funnel: Retirement Communities

2023 Purchase Funnel: Retirement Communities

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The Impact of Advertising on Purchase Behavior

2023 Purchase Funnel visual

As younger Baby Boomers and Generation X near retirement age, interest and importance of active adult/retirement communities is growing.  Advertisers have a unique opportunity to capitalize on this category.

The goal of the 2023 Purchase Funnel: Retirement Communities Study is to identify the importance of media platforms in influencing consumers during the purchase decision process. TVB commissioned GfK to conduct this study, which takes a close look at consumers who have already purchased a home in an active adult/retirement community and those who plan to. 

The study answers key questions facing advertisers in this emerging consumer category
  • How important are advertising exposures for influencing retirement community owners/prospects in their purchase decision process?
  • How does advertising exposure match up with actual  spending in this category?
  • Are there key differences among segments in this market that are important for advertisers to know about?
  • Who helps these consumers with their decisions, what are the most popular states and what are the criteria for selecting a retirement home?
Some key findings
  • At 64%, television is the top platform for exposure to active adult/retirement community ads.
  • Exposure to a media platform is not a guarantee of consumer importance, except for TV.
  • More exposure to TV ads increases importance, trust, and preference.
  • Television is the most important influencer at all stages of the purchase funnel. This is true for all key age groups and HH income levels.
  • The primary source of news for respondents is broadcast TV.
  •  At 88%, local broadcast TV news is the most trusted among media platforms. Local TV news websites/apps are the most trusted among digital platforms. Social media is the least trusted.
Source: GfK TVB Purchase Funnel 2023: Retirement Communities A50+
S5/S6 “In the past two months, did you see, hear or read an advertisement for an active adult/retirement community in any of these media/digital internet media?”
Source: GfK TVB Purchase Funnel 2023: Retirement Communities A50+QA4/QA5/QA6/QA7/QA8 Most important for media with at least 1 funnel stage at 2%+ shown; 2%, 1%, & 0% not shown/labeled.
Source: GfK TVB Purchase Funnel 2023: Retirement Communities A50+
M2 “I trust the news that I see/hear on this media source.” Top 2 box (Agree Strongly + Agree Somewhat)

For more information, please contact Hadassa Gerber, Chief Research Officer, TVB