Recession Spells Challenge, Change for Funeral Industry

As the economy continues to falter, most families are doing all they can to eliminate unnecessary spending and conserve cash.  But no matter how hard times may be, there are some things we just can’t do without, like medical care, utilities, food and clothing – and funerals.

Like trimming the grocery budget or turning off extra lights in the house, consumers may look for ways to lower funeral costs, but the fact is, we all die eventually, and someone has to deal with the remains. Some funeral industry professionals are responding to the economic downturn by offering a wider range of goods and services to help people arrange their final exit in the style of their choosing.

One Funeral Director’s Response
Peter Moloney, whose family owns six funeral homes on Long Island, has made it his mission to help customers arrange unique funerals on behalf of themselves or their loved ones. From a hearse towed by a Harley-Davidson motorcycle to an ice-cream vendor in a Good Humor truck greeting mourners after a funeral, Moloney’s specialized services allow people to be remembered in ways as unique as they are. According to Moloney, 44, a fourth-generation funeral director: “You have to give people something special. If you’re not, someone else will be. That means adjusting to what people want today.”

Even in Recession, Many Opt to Go in Style
As funerals trend more toward cremation and home funerals and away from elaborate caskets with all the trimmings, consumers are driving the recession home to the funeral industry. One of the ways innovative funeral directors like Moloney are responding is by catering to individual wants and needs. For example, services for environmentally and cost-conscious families may include renting coffins and minimizing the use of chemicals, while custom amenities such as 14-karat gold mementos and personalized coffins and cremation urns appeal to people who prefer to go in style.

Growing Market
One thing funeral directors and others in the funeral industry can count on, even in economic hard times, is an endless stream of clients. And while consumer funeral spending may be on the decline, the rising number of deaths each year ensures a certain level of growth in funeral goods and services. (The annual death rate will continue to grow at about 1 percent per year through the early 2020s, corresponding to the aging of the baby boomers.)

In other words, while the recession is forcing funeral industry professionals to reconsider the goods and services they will offer and how they will deliver them, those who are prepared to adapt and evolve will continue to prosper.