Any market change can be the last nail in your business’s coffin if you ignore it. Especially fast changes such as the quickly growing cremation rate.
Ignoring the Industry Trend
Back in the late ’90s, when the cremation rate really began to climb, nearly everybody in the death care industry ignored it. Fast forward 20 years and the industry is now seeing the harsh repercussions from the fast-growing cremation trend, the national average now sitting at over 45%.
The funeral industry is seeing a loss in revenue, a cremation service done by funeral home averages $3000, while a traditional funeral cost with a casket average $7000. Some consumers are opting for a direct cremation, which requires minimal service from a funeral director and results in little to no revenue for the funeral home.
Cemeteries are also being affected. They’re actually seeing where the future of cremation is headed beforehand. Because most cemeteries rely heavily on pre-need sales, they actually “pre-see” the cremation rate 10 to 20 years ahead of everybody else. Today, cemeteries have more people calling wanting to sell their plots than people who are calling wanting to purchase one.
The industry most affected by cremation is the traditional monument retailers. The rise in cremation and the idea of spreading ashes has dramatically reduced the total number of traditional monuments sold. Cemeteries are diversifying into monument sales to make ends meet, and funeral homes have begun diversifying into monument sales to supplement their loss in revenue.
Cremation and Baby Boomers
So what or who is behind the fast-growing cremation trend? Two words: Baby Boomers. Also known as the “Me” generation. A majority of your buyers are baby boomers planning for their loved ones or pre-planning for themselves. This generation of people is known for making their mark and choosing to do things differently. They have no problem resisting traditions and they want everything to do with them to be incredibly personalized and a show of self-expression.
Baby Boomers and Personalization
Boomers are seeking products and services that are more unique than ever. The idea of personalization has resulted in an explosion of unique offerings that are personalized to commemorate all of life’s precious moments and memories. The “Me” Generation, those born between 1946-1964, are spending more money on things they want, rather than things they need. They may not need a personalized casket or memorial but when they see how it can capture their life and memories, they will want one. Read about ultra-personalized Tribute Memorials.
Cremation + Personalization = A Gold Mine
By providing a variety of practical and desired solutions for cremation and personalization, you can turn the fast-growing cremation rate into a gold mine. If your customers are opting for cremation, you MUST make sure they are aware of all of their memorialization options. Show them the many personalized cremation memorial options available. If you are not aware of them, you can get acquainted with our free marketing tools and cremation resources.
According to retail customers of SuperNova International, a wholesale granite supplier, who successfully promote personalized cremation memorials, more than half of baby boomers who pre-arrange their cremation will choose a personalized cremation memorial when shown the options for both cremation memorials and personalization options.
Gold Mining Tools
Our patented AP Lazer system is the only tool that can handle all of your personalization needs for caskets, cremation urns, cremation memorials, and traditional cemetery memorials. The convertible, two-part design was designed to handle bulky items such as cemetery memorials and caskets. Born in the monument industry, our team has many years of experience laser engraving granite and has since mastered casket engraving, urn engraving, and the ability to engrave many other items.
You should also utilize SuperNova’s digital and printed cremation resources. We have spent years creating and developing cremation solutions to combat the growing cremation trend and fit the needs and desires of your customers.
You can lead just about any trend if you pay attention, do your research, and study. With the right tools, you can turn any change in the market into a gold mine!
Want to Learn More?
If you are interested in learning more about integrating our laser engraving equipment into your memorial care business, email us, give us a call or utilize the chat feature on our website.