Since 2017, the US death care industry has experienced a compound annual growth rate of over 4%. Experts expect this growth to continue and for the industry to generate up to $68 billion in revenue by 2023.
Do you own a funeral home, cemetery, or other death care business? Below are the trends dictating growth within your industry.
1. Rise in Crowdfunding
More people are raising funds to cover funeral costs through crowdfunding platforms, such as GoFundMe and Kickstarter. Through these online communities, more people can raise money to have their preferred funeral arrangements. In fact, it is not uncommon for funeral and memorial crowdfunding accounts to raise more than the target sum.
2. More Cremations
A rising number of people in the US prefer cremations to traditional burial methods. The slow yet steady rise in cremations is primarily due to the ever-rising costs of funeral plots, caskets, and other burial expenses. Cremation is now the more affordable option.
That said, there are complaints about the greenhouse gases released during cremations. The situation has led to creating more environmentally friendly methods, such as water cremation, thereby generating fewer pollutants.
3. More Green Burials
Eco-friendly burials are on the rise. These involve burying people without caskets or metal containment units, such as urns. Instead, people bury their loved ones by wrapping them in cotton shrouds. Green burials also avoid using embalming chemicals that could harm the environment. These options will appeal to the rising number of eco-conscious individuals.
4. More Personalization
Many customers nowadays want “personalized” funerals. As a result, funerals showcasing the life and accomplishments of the deceased are becoming a more preferred choice.
5. Funeral Homes are Prospering
Of all the actors in the death care industry, funeral homes are experiencing the most business. That’s because funeral homes have evolved to offer more products and services, including reception rooms, equipment, banquet spaces, parking spaces, and more.
6. Pre-Need Arrangements are Rising
Pre-need arrangement is the booking of cemeteries, mortuaries, and insurance before a person’s death. Provision of such services is the fastest-growing segment of death care in the US. The caskets and vaults segment held the largest market share in 2017.
If you need assistance with understanding and taking advantage of current trends in the death care industry, talk to MKS&H. Our experts can help strengthen your brand and position it for long-term success.
Contact us today for an initial consultation.