Trends and Value: What do they say for our future?
Looking forward at different potential scenarios is never easy to do. A lot of what we think about the future doesn’t come to pass. But if you fail to look forward and look at potential happenings it is certain that you will never be a leader. . . you will always be a follower.
I’m writing this on Super Bowl Sunday prior to the game and when I look forward in the world of professional football or even college athletics I see a couple of things on the horizon. For instance, I see legalized gambling continuing to integrate itself more and more into the world of sports . . . and at this point in time many sports leagues are supportive of that because it will bring more and more casual fans (casual fans who like to gamble) into becoming viewers of the game.
It was also just announced this week that Amazon Prime will pick up the “exclusive” Wild-Card streaming game carried this year by Peacock. In addition, the NFL announced its Thursday night package will be carried on Amazon Prime and Peacock and ESPN+ will also receive games for streaming exclusivity. That points out to me that “streaming” will probably be a growing way for people to watch football and a growing way for the NFL to produce more revenue. To me as a consumer, at some point in time if I want to be able to watch all NFL games, these decisions tell me I’ll probably have to subscribe to one of the streaming services eventually.
So, I’ve taken a minute to give you a couple of ideas of the future of the sports business. . . but what about the Death Care business? I noticed some articles in the last few days that concern trends and values and, as my mind usually does, wondered how those thoughts will pertain to consumer death care choices moving forward.
Trends — This article from CNN Business tells us that even in an economy where wage growth has been less than inflation consumers will still spend on “nice things” IF they are on ‘trend”. Here’s the trick according to one analyst, “The trick for retailers, and the part many struggle to get right, is to ensure products and the place where they are sold are sufficiently desirable to encourage consumers to part with their money. . ”
I think in most instances, funeral choices, such as between cremation and earth burials, the trends are going in the wrong direction. I mean that the trend in the United States has been for less tradition and more simplicity, such as cremation, or even direct cremation, to believe that a “trendy” death care choice will bring in higher revenue.
However, there may be some light at the end of a long-tunnel. Funeral Service Times of the United Kingdom has reported that young people between the ages of 16 and 24 have reported an upswing in preferring a return to earth burial and its customs over simple cremations.
Also, even while cremation and direct cremation with lower costs has grown, there is a movement in the United States on certain aspects of human disposition where revenues seem to be growing. For instance, it is not “inexpensive” for the process of natural organic reduction to be the disposition method — costs seem to be in the $7000-$10,000 range. . . and yet there seems to be a growing movement for the process proving that cost is “not everything”.

Tom Anderson
Funeral Director Daily
Finally, memorialization by non-traditional means such as inurnment in a commercial enterprise like Better Place Forests and memorialization via jewelry wearables and solidified remains continue to grow and add revenue for death care providers.
The key for death care providers, in my opinion, is to move some of these higher revenue choices into “growing trends”. Sometimes, it is a “follow the leader” philosophy and if the providers can move the trends into a higher-cost area, or the “expected” purchase of anciliary products such as memorializaion options, it can only be good for them.
On the local level, don’t overlook become the “trendy choice” by what your facility can offer. Certainly, one possibility is to become “the place for events” which will help in growing your local market share.
Values—Does your firm provide “value for the price”? So often funeral firms have disappointed death care consumers by charging fair prices but still not delivering implied value to the consumer for those prices. Funeral homes have to charge fair prices. . . but we also have to deliver value for those prices or the consumer will be disappointed.
Consumers don’t use death care providers very often so the quotient of value to price is tougher to understand or compare than an industry such as Quick Service Restaurants (QSR), but here’s what McDonald’s CEO Chris Kempczinski said earlier this month, “What you’re going to see is more attention to affordability. Think about that as an absolute price point, which is more important for that consumer to get them into the restaurants than maybe value messaging. . . . .consumers are more weary of pricing and . . pricing decisions will factor in the new environment.”
So, as it pertains to death care, we need to be affordable. A recent Sun Life Cost of Dying Report in Great Britain said consumers said this about death care price points:
- Over 4 in 10 (44%) people say the cost-of-living crisis impacted how they organised and/or paid for the funeral.
- And for 1 in 4 (24%), paying for a funeral affects standard of living. 6% struggle to pay essential bills or rent, and 1 in 10 (10%) have to cut back on essential items such as food.
- Of those who experience notable financial difficulties when paying for the funeral, over 3 in 4 (76%) people say it impacted their mental health. And 67% say it impacted their physical health.
I think that shows how difficult it may be to get consumers to pay for higher revenue services. In my opinion, paying for funeral costs should not affect one’s standard of living. . . and when it does teeter on that situation, bringing in more revenue will be tough to do.
I don’t have any easy answers on that situation, but like McDonald’s Kempczinski pointed out “consumers will be weary of pricing“. . . especially if it affects their standard of living. He mentions that the “absolute price point” (think of McDonald’s $1, $2, and $3 meals) gets the consumer into the restaurant more than “value messaging”.
It’s my opinion that’s one reason that direct cremation providers are doing so well. . . . Their absolute price point, whether it be $895 or $2500, is out there for all to see.
There you have it. . . no answers, but a lot to think about. Look forward. . . Move forward.
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