Aging of Population segment forced to reinvent itself as consumer preferences evolve
Aging of the Population . . . the easy checklist on companies riding the thematic tailwinds of this worldwide evolution of population demographics includes healthcare, financial services, real estate, funeral services . . .
Not so fast on that last one — changes in the prevalence of cremations is turning the industry on its head, with Funeral Directors attempting to find ways to recapture the big profits found in casket sales.
One way would be to hire an executive from Disney who ran Epcot Center to create a “multisensory experience room”! Strange but true . . .
As baby boomers age, the number of deaths in the U.S. is projected to rise to about 3.6 million in 2036 from 2.7 million this year. But that doesn’t mean a surge in casket sales: About half of U.S. deaths this year are expected to result in cremation, up from less than 10% in 1980. The proportion will keep rising and should top 70% by 2030, according to the National Funeral Directors Association.
