Funeral fun facts
At the Tastee Diner this morning I had the pleasure of sitting next to a retired man who now makes his extra fun money driving a hearse. Little did I know I would be hearing about strategic trends and secondary implications of the economy’s transition.
Just two days ago, when lecturing at American University, I heard MBA students using the funeral industry as an example of the longer trend in industry consolidation, and simultaneously as an example of profitable opportunities resulting from the global megatrend of aging populations. The professor then spoke up to mention that formal funerals, which regular cost a five-digit sum in America, are sharply down in favor of cremations, around 25% year-over-year.
During breakfast, my new companion informed me that cremations are up, about 25% year over year – and that fewer funeral homes are able to afford their own hearses since their use is becoming comparatively more rare. The cause is assumed to be the lasting effects of the recession.
Twice with the same unusual trend in the same week? Clearly the futurism gods are telling me to look up this development further. And lo, on the Internet you can find voluminous and interesting trends and forecasts for the “celebratory services” industry.
Today, open up the yellow pages, find some unusual businesses and ask yourself what trends they must be experiencing. You will find interesting fodder for your own strategic thinking.
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