UK Funeral Planning Market Report 2022
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The UK Funeral Planning report identifies consumer attitudes towards funeral preferences, funeral planning and preparation, and prepaid funeral plans in the UK. This market report covers the market share, market forecast, market segmentation and industry trends for the Funeral Planning market in the UK.
The improvement in annual sales of prepaid funeral plans has been partly due to increased consumer demand, greater sales and marketing activity by providers, and more customers buying a plan after having delayed doing so the year before. The other main driver of growth was increased demand for direct cremation plans.
The cost-of-living crisis in the UK could limit sales growth in the short term, as appetite for discretionary spending decreases, or alter the product mix, with more customers opting for lower-cost/direct funeral plans. On the other hand, providers should have greater success in spurring on people to take out a plan, in order to protect against future price rises.
Coming under the remit of the Financial Conduct Authority (FCA) in July 2022 will similarly have positive and negative ramifications for the industry. It will mean extra administration and cost for providers. It will also result in the failure or exit of some smaller companies, thereby reducing competition and potentially threatening public confidence, albeit in the short term.
Over the longer term, FCA regulation can be viewed as an opportunity. Extra protections and improved standards will help underpin consumer trust in funeral plans, putting them on a level regulatory footing with over-50s insurance plans. It will also help to raise awareness of funeral planning in general – something that is urgently required to encourage take-up and earlier engagement.
Read on to discover more details or take a look at all of our UK Lifestages market research
Brands: Co-op Funeralcare, Dignity Group, Golden C
This report, written by Sarah Hitchcock, a leading analyst in the Financial sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Mintel’s research shows there is considerable latent demand for funeral planning among over-45s. If providers could effectively tap into this and engender earlier engagement, the market for prepaid funeral plans has the scope to more than double in size.
Sarah Hitchcock
Associate Consultant – Financial Services
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Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.