UK Funeral Planning Market Report 2023
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Stay ahead of the curve and secure future growth for your business with Mintel’s UK Funeral Planning Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest trends and consumer behaviours affecting your industry. Get a 360° view of the UK prepaid funeral plan market including forecasted growth and analysis of consumer attitudes and preferences.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
The number of funeral plans sold in 2022 fell by 18% on the previous year. This decline was attributed to the industry becoming FCA regulated midway through the year, which saw the collapse of some providers.
Over the next five years to 2028, the number of new sales is expected to increase from 178,000 to 237,000 with sales of basic funeral and direct cremation plans continuing to drive growth.
Over two-thirds of over-65s in the UK have not made formal plans for their funeral, which highlights how a large portion of the target market for prepaid funeral plans remains underserved.
Mintel’s market research found that over half of consumers agree that the ongoing cost-of-living crisis has made simpler funerals more appealing. Furthermore, rising interest rates could increase the number of people relying on savings to cover funeral costs instead of taking out a plan. Prepaid plan providers need to make consumers aware that relying on savings is a risky strategy, and highlight the fact that prepaid funeral plans provide protection against future inflation.
Almost half of over-65s have not discussed their funeral with their family. This lack of dialogue can ultimately cause greater emotional and financial burden. Prepaid plan providers can and should play an important role in helping to destigmatise the topic of death, easing the conversation into wider later-life discussions.
Our full market report features a comprehensive analysis of trends and recommendations for growth opportunities in the industry. Purchase our UK Funeral Planning Market Report to help your business grow during times of uncertainty.
This report examines the UK market for funeral planning, with a particular focus on prepaid funeral plans. To a large extent, the latter compete with over-50s guaranteed acceptance plans, which are covered in our UK Over-50s Guaranteed Acceptance Life Insurance Market Report. The report features market share and key market activity of the market leaders: Co-op Funeralcare, Dignity Group, Golden Charter, and Pure Cremation.
This report, written by Lewis Cone, a leading Financial Services analyst, delivers in-depth commentary and analysis to highlight current trends in the UK Funeral Planning market and add expert context to the numbers.
With total funeral costs tending to rise above general inflation, prepaid plans can be a shrewd purchase as they lock in today’s prices as well as letting loved ones know of a person’s final wishes. This provides peace of mind for both the consumer and their loved ones, whilst protecting them financially and from having to make difficult funeral decisions at what is an extremely emotional time.
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Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
*databooks not available with UK B2B Industry reports.
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.