Is the Funeral Industry Growing
If you study funeral homes in Waxhaw, NC and across the US, you are likely to ask, “is the funeral industry growing?”
This is likely to happen if you consider the emerging trends in the industry and the competition faced by funeral homes in Waxhaw, NC and elsewhere. The fact is that the industry is growing, although slowly. Statistics say that the industry is predicted to grow at 5.8% per annum between 2021 and 2025.
However, trends are emerging that industry participants have to note as they can potentially change the face of the industry going forward.
Trends that Will Define the Funeral Industry
If you run funeral homes in Waxhaw, NC and anywhere in the country, you have to note the trends that will reshape your business in the future.
People Care a Lot About the Environment: More than ever before, Americans are now conscious of the impact that their actions and preferences have on the planet. This also applies to their choice of methods of disposing of their loved ones.
As such, they are likely to go for those methods that have been proven to have a lesser environmental impact.
The Traditional Burial is Being Abandoned: Americans’ increasing environmental awareness is causing significant shifts in the funeral industry. A direct implication is that the ‘conventional burial’ involving interring the body into the ground is gradually falling out of favor. For example, the NFDA claims that only 36% of Americans preferred to bury their loved ones in 2021.
Cremation Leads the Pack, for Now: As the traditional burial declines, cremation has taken over as the disposal method of dead persons. Close to 60% of Americans went for it in 2021, and this trend is likely to persist for a considerable period.
People are Conscious of Wastes and their Pockets: Apart from being aware of the impact of their choices of disposing of their loved ones, Americans are also mindful of how these choices affect their finances. For example, traditional burials are quite expensive and may cost a sizable fortune in addition to being bad for the planet.
Now, there is an increasing tendency for people to gravitate towards cheaper options. For instance, cremation used to be the less costly option of choice, but people have discovered even more affordable options such as green funerals.
Diversification is the Way to Go
To retain their relevance in the industry, funeral businesses need to diversify into new product offerings and services. Furthermore, always be on the lookout for emerging trends and be ready to embrace them. For instance, while traditional cremation has gained ground, people are starting to look out for cheaper and less polluting options.
Will the Funeral Industry Continue to Grow?
No one can say for sure whether the current growth rate of the funeral industry will increase significantly. However, we can say that the chances of the current rate slowing down are slim. The most impactful factor that will enable the industry to retain its current growth rate is that America is fast becoming an aging society.
Statistics say that Americans are gradually getting old. The share of old people as a percentage of the overall population has grown from 12% in 2000 to 17% in 2020.
As more of these seniors get into their later ages, they will die, leading to more business for the funeral industry.
Conclusion
Based on what funeral homes in Waxhaw, NC say, we’ve discovered that the question to ask is not whether the funeral industry is growing. It is where the growth is happening. We have outlined the factors and trends that define funeral business growth in the US above.
