Boram Sangjo, 2023 Funeral Service Industry Review Keyword 'R.E.A.C.H'

Boram Sangjo summarized the activities of the funeral service industry in 2023 as 'R.E.A.C.H' and reviewed the year.

R.E.A.C.H stands for ▲Re-evaluation of funeral services ▲Expansion of funeral services ▲Acceleration of funeral services ▲Collaboration in funeral services ▲High-end funeral services. Boram Group defined 2023 as a year that increased interest and familiarity with the funeral service industry and evaluated it as a year that "reached" the hearts of various audiences.

'Re-evaluation of funeral services' (R) refers to the reassessment of funeral services not merely as providers of funeral services but as services managing overall life, transitioning from the early 2010s into the 2020s. In particular, Boram Sangjo evaluated 2023 as a year with higher interest in the funeral service industry than any recent year. The number of subscribers exceeded 8 million in 2023, showing an average growth rate of over 10% compared to the previous year.

'Expansion of funeral services' (E) was also a remarkable year. The funeral service industry expanded beyond existing services by adopting new businesses and broadening the scope of total life care services. Leading the industry, Boram Sangjo launched new businesses in various combined products and service fields such as pet care, bio-jewelry, bio, and wedding conventions.

This year, the funeral service industry showed a prominent 'Acceleration of funeral services' (A) with annual advance payments reaching 8 trillion KRW and 8 million subscribers. The industry expects the market to approach about 10 trillion KRW next year. Also, the market size is growing to the extent that four top companies belong to the '1 trillion KRW advance payment club,' which refers to the accumulated customer deposits.

The funeral service industry demonstrated 'Collaboration in funeral services' (C) by launching various combined products and services. They are continuously introducing combined products related to diverse lifestyles such as weddings, home appliances, travel, cruises, and language learning. Recently, the industry has focused on increasing customer satisfaction by introducing conversion services that allow customers to switch funeral service products into various categories after subscription.

'High-end funeral services' (H) is a trend sweeping across the funeral service industry. In the case of Boram Sangjo, after using Lincoln and Mercedes-Benz, it became the first in the industry to import and modify a Cadillac Escalade from the United States, establishing itself as a leader in the luxury of funeral procession vehicles. Additionally, Boram Sangjo recently undertook a major remodeling of the interior facilities of its directly operated funeral hall, 'Boram Uijeongbu Funeral Hall,' making efforts to move away from the previously cold and heavy image.

A Boram Group official said, “Facing the 10 trillion KRW funeral service market, Boram Group will continuously present visions for the future through ongoing dialogue between the present and the past under the proposition of what history is.”

This content was produced with the assistance of AI translation services.