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Millennials Impact on the Death Care Industry

Millennials Impact on the Death Care Industry

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Millennials can be defined as a “generation marked by an increased use and familiarity with communications, media, and digital technologies. In most parts of the world, their upbringing was marked by an increase in a liberal approach to politics and economics.”

No industry is exempt from their influences, including the death care industry.  Millennials impact will change the way business is conducted in the funeral home and cemetery industries. As one of the largest generations in history is about to become the prime spending source, it is important to be cognizant of their ideas and beliefs and be prepared to adapt as necessary to meet their needs.

Millennials have been raised in a period of unprecedented technology growth and are considered the most marketed generation of all time. As such, their spending habits and beliefs have been impacted in ways that no generation has before. This will impact the way business needs to be conducted in the death care industry. As providers of death care services, you need to consider the following when working with this generation of consumers;

  • Your marketing approach will need to include both traditional and nontraditional services that can provide a unique memorial experience. A non-traditional venue (even a home funeral) as opposed to a funeral home may be a desirable option. It’s all about the “experience.”
  • Take advantage of available technology. Funeral services can be live streamed on the web to allow those unable to attend due to distance or work requirements to pay their last respects;
  • Update the look of your funeral home. No one looks forward to visiting the traditional funeral home.  It needs to be a welcoming place for those attending. Why not allow the family to personalize the space for their service?
  • Do you have a Facebook and Twitter account? Millennials will expect you to have one.
  • Update your website to make information easy to find. “Experience” pricing and “product” pricing should be detailed and available.  This generation has grown up with online purchasing and remember, even Costco sells caskets.  Some millennials may even want to make a casket themselves for their departed relative;
  • Millennials are not as religious as previous generations. As such, they are more open to cremation than even the baby boomers. Cremation is friendlier to the environment than the traditional burial.  It also allows for the creation of creative and personal monuments to the deceased.  THINK GREEN!  They certainly do.

Millennials are more than just consumers of your services. By the year 2030, only 13 years away, the prediction is that millennials will comprise up to 75% of the workforce in the death care industry. Current owners of funeral homes and cemeteries need to invest in and make millennials an integral part of their service teams. Not only are they able to multi-task to accomplish more job responsibilities in shorter periods of time, they also possess a unique perspective on media and advertising that you will find beneficial when discussing your future advertising.

As Goldman Sachs says “One of the largest generations in history is about to move into its prime spending years. Millennials are poised to reshape the economy; their unique experiences will change the ways we buy and sell, forcing companies to examine how they do business for decades to come.”

Take advantage of these opportunities and don’t get left behind!

If you have any questions or would like additional information, please fill out the form below.

Ask the Experts

William Newman, CPA, Partner
T (609) 520 1188
wnewman@www.withum.com

 

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To ensure compliance with U.S. Treasury rules, unless expressly stated otherwise, any U.S. tax advice contained in this communication is not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

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