The funeral industry, largely unchanged for decades, is primed for an overhaul—and a growing faction of entrepreneurs is already stepping in to shake up tradition.
The funeral industry is estimated to be worth $20 billion dollars in the US alone and an individual funeral costs $8,000 on average. Each year, there are an estimated 2.7 million funerals, currently fueled primarily by the Baby Boomer generation (some 10,000 of which turn 65 daily). What’s more, Boomers also control about 70% of disposable income. This chunk of the population, coupled with their millennial children, is leading a wellness-forward trend toward more personal and better designed death services. As the Global Wellness Institute notes, “finally, a ‘better death’ is becoming integral to a ‘well life.'”