Boramsangjo, 2024 Funeral Industry Outlook 'DRAGON'
Boram Sangjo presented the trend keyword for forecasting the funeral service industry in 2024 as ‘D.R.A.G.O.N’.
Coinciding with the Year of the Blue Dragon, the keyword DRAGON represents trends that will permeate this year, with each letter standing for ▲Do the things of Platform (providing products and services through platforms) ▲Rising demand for the subscription economy exists ▲Appearance of MZ, new generation is coming ▲Generalize the service transition ▲Own new business is ongoing ▲Needs for life-care is increasing.
Specifically, the funeral service industry is expected to focus on enhancing customer satisfaction through platform development. In the mid to long term, the industry is also anticipated to integrate AI (artificial intelligence) and IT technologies to offer a variety of products and services.
Furthermore, as the market economy shifts beyond ownership and sharing to subscription models, the funeral service industry is expected to follow a similar path. The industry will likely expand beyond the simple funeral service company structure to total life-care services by forming partnerships with group companies or different industries, thereby broadening the scope of the subscription economy. For example, Boram Group offers regular subscriptions for health functional foods and pet supplies in collaboration with its bio-affiliated companies.
The emergence of the new MZ generation was also forecasted. Traditionally, funeral service companies’ consumer base consisted of people in their 40s to 60s, but recently, MZ generation consumers with purchasing power are expected to rapidly emerge as actual or potential consumers.
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Additionally, funeral companies are expected to transform into ‘total life-care service’ companies that accompany customers throughout their lives, leading to the ‘generalization of service transition.’ Beyond existing services, the funeral industry will adopt new businesses and expand the scope of total life-care services. Major funeral companies positioning themselves as total life-care service specialists are expected to strengthen efforts this year to realize various aspects of consumers’ daily lives.
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