In several nations around the world, the death industry plays a substantial economic role. It includes a range of companies, such as mortuaries, crematoriums, casket producers, and funeral homes. Families who have lost loved ones must be given end-of-life services and products by the industry. This article will examine the death industry’s size and address pertinent issues.
The funeral business is expanding slowly. In the United States, the funeral business is anticipated to expand at a 1.5% annual pace between 2021 and 2026, according to a report by IBISWorld. An aging population and a rise in fatalities are the main causes of this expansion. A concern for the industry, meanwhile, is the competition from non-traditional funeral service providers, like those offering direct cremation services and online funeral planning. How Big is the Death Industry, Exactly?
A multi-billion dollar industry, the death industry. The National Funeral Directors Association (NFDA) said that the funeral business in the US had a value of $19.3 billion in 2019. This covers cemetery services, casket and urn sales, cremation services, and funeral home services. Do Funeral Directors Earn Much Money?
Funeral directors are in charge of organizing all parts of funeral services, including transportation arrangements for the deceased, body preparation for burial or cremation, and planning of the funeral itself. In May 2020, the median annual salary for funeral service managers was $78,040, according to the Bureau of Labor Statistics. The top 10% made almost $145,000, while the bottom 10% took home less than $42,920. Do Funeral Directors Earn a Good Living?
Funeral directors can earn well, but it depends on where they work and how much experience they have. Funeral directors in big cities typically make more money than those in small towns. Additionally, people who work for larger funeral businesses or own their own funeral homes typically make more money than people who work for smaller funeral companies.
The materials used and the design all affect the price of a casket. A low-end mahogany or cherry wood casket can cost several thousand dollars, while a basic wooden casket can cost under $500. Funeral businesses typically mark up the cost of caskets, so families should prepare to spend more than the casket’s actual price.
In conclusion, the death industry is a sizable sector of the economy and is predicted to keep expanding gradually. Funeral directors can earn well, but it depends on where they work and how much experience they have. The materials used and the design all affect the price of a casket. Before making end-of-life decisions, families should shop about and evaluate costs.