葬儀社の米国市場

The $11.7 billion U.S. funeral homes industry is a mature, low-growth and fragmented business comprised of nearly 22,000 mostly independent services. The late 1990s saw a wave of consolidation as large chains bought up hundreds of independents, piling on huge debt in the process. This binge is over, failing miserably, and profit margins are falling. As the price of the average funeral climbs to $6,130, more people are opting for less costly cremations (27% of all services and rising steadily). This study is Marketdata's 2nd edition investigation of the industry. It examines the industry's nature and structure, major trends, marketing innovations, pricing/profit margins, funeral home operating ratios from the Census Bureau and trade groups, demographics/death rates, and industry receipts from 1985-2001 actual, 2002-2003 estimated, 2007 forecasts. Contains results of phone surveys with the leading trade associations, brokerage firm analysts, etc. In-depth profiles of: Service Corp., Alderwoods Group, Stewart Enterprises, and Carriage Services. Includes 55 tables and charts.

Table of Contents

Introduction - Study Scope, Sources Used, Methodology 1-4

Executive Overview and Major Findings (Highlights of ALL study chapters) 5-24

• Industry Nature/Definition: typical services provided by funeral homes, main characteristics of the business (family-owned vs. large corporate chains), no. Of funeral homes, factors affecting demand, industry regulation
• Attitudes of public about funeral homes, cremation, pre-arrangements (Wirthlin Group survey), death rate and life expectancy trends
• Major industry trends: death rate/aging of population, consolidators' efforts to reduce debt, shift to more creations, pre-need programs become more popular, retail competition in caskets, more personalization & customization, new product/marketing innovations, trend to more "combos" (funeral home & cemetery)
• Industry size/growth/forecasts (1985-20021 actual, 2002-2003 est., 2007 forecast), factors affecting growth, 2002-2003 performance/outlook by large chains, analysts, NFDA, price increases of avg. funeral/trends, long-term outlook for the industry
• Funeral home operating ratios: findings of US Census and private sector surveys, historical cost of a funeral, most commonly selected services/their prices, historical profit margins (1980-2001), industry structure by no. of establishments, avg. receipts & payroll per employee, legal format of services, industry mkt. Share levels for top 50 firms, balance sheet & income statement ratios for industry overall.
• The main competitors: 1999-2002 revenues for top 4, brief profiles (Service Corp., Alderwoods Group, Stewart Enterprises, Carriage Services).

Consumer Demographics: Factors Affecting Demand 25-41

• Summary & discussion: Results of The Wirthlin Group Survey (2000): Consumer attitudes toward funeral homes/directors, perceptions of the industry, funeral attendance patterns, sources of information, funeral arrangements, purpose of the service, cemeteries, cremation as a choice, pre-arrangement
• Trends in life expectancy & death rates projections (CDC data): child, adolescent, adult, seniors (White, Black, Hispanic), mortality rates per 100,000, leading causes of death by kind.

Consumer Demographics: Factors Affecting Demand (continued)

• Population estimates to 2050, death rate projections - discussion
• Number of deaths & death rates, by sex and age - discussion
• Death rates by state (2000) - discussion

Tables:

• Selected life table values: 1979-2000, avg. life expectancy in years, expected deaths per 1,000 (total, White, Black)
• Deaths and death rates by state: 1990-2000
• Death rates for major causes of death, by state: 1999
• Deaths and death rates by leading causes of death and age: 2000
• Projected US populations, no. of death, death rate: 1960-2080P
• Estimated number of cremations vs. traditional funeral services in US: 1992-2010
• Cremations, deaths and % cremations to deaths: 2001, 2010, 2025P, by state

Industry Size, Trends, Growth 42-53

• Discussion of fragmented nature of the industry, no. of funeral homes, estimated share of large chains, barriers to entry, reasons why industry not much affected by business cycles
• Major Industry Trends & Issues: discussions of... 1) the death rate/aging population, 2) reduction of debt levels by large chains, 3) shift to more cremations (2002 share of services, 2010 projections), 4) pre-need programs, why they're becoming more popular, 5) retail competition in caskets (300 retailers in US), 6) increased customization/personalization in services, 7) new products (partial casket displays as marketing tool).
• Industry Size & Growth: where growth comes from, estimates of no. of US funeral homes, sources of industry receipts data (Census Bureau, others)
• 2002 performance/2003 outlook: analysis of top 4 chains' performance (sales for 1998- 2002), Marketdata estimate of 2002 & 2003 receipts growth, discussion of recent price increases (avg. cost per funeral), reasons for 2001 price increase, prices by the top chains, why past predictions of annual price gains were flawed, death rate trends in 2002, projections to 2010.
• 2007 Forecast: Marketdata forecasted receipts growth, value of industry revenues, long-term outlook, positive factors, things the industry can do to stay healthy.

Tables:

• Employer vs. non-employer industry receipts: 1998-2001
• Estimated industry national receipts: 1985-2001 actual
• Industry receipts, by sales size of funeral home (D&B data)

Funeral Service Operating Ratios: Trade Group Surveys (NFDA, FFDA data) 54-64

• Summary & Analysis of the National Funeral Directors Assn. 2001 Survey: salary trends (compensation for 8 funeral home occupations, range, median salaries)
• General Price List Survey: national avg. cost per funeral in 2001, by type expense, vs. 1999, most commonly selected services
• Range of cost of services & merchandise, by type, provided by funeral directors
• Analysis of overhead and profit margins, avg. gross sales vs. avg. selling price, avg. profit margin %
• 20-year trends (1981, 1991, 2001) in... Avg. adult funeral cost, casket cost, profit margin, expense breakdown (personnel cost, cost of facilities, automotive, promotion, business services, supplies, after-sale expenses, miscell.).
• Casket sales, avg. cost, sales in units, casket share of sales by type material/construction
• Receivables, as % sales: 2000, 2001.

Tables:

• cost of adult funeral service: 1980-2000 historical data
• distribution of funeral sales, by price class: 1991, 1996, 2001
• avg. profit margin %, 1980-2001
• estimated casket sales to funeral directors, by revenue, by type material (2000, 2001)
• estimated casket sales to funeral directors, by unit volume, by type material (2000, 2001)
• prices of caskets, by type material: 2000, 2001.

Economic Structure & Operating Ratios of the Industry (Census Bureau data: 1997, 1992, 1987) 65-92

• Text/Discussion & analysis of 1997 & 1992 major Operating Performance ratios; the industry's structure at a glance, ratios by: Legal Form of Organization, by Single/Multi-Unit, by top 50 firms' Market Share (Concentration Ratios), by Receipts by Size of Firm, by Receipts by Size of Establishment, Geographic Analysis: Share of National Receipts and Average Receipts Per Establishment-- by State, Financial Health of the Industry: Composite

Industry Income Statement & Balance Sheet - 2002. 65-73

Economic Structure & Operating Ratios of the Industry

Census Tables

• Legal Form of Organization 1992 & 1997 - Total funeral service & crematory firms, by legal form of organization - corporations, sole proprietorships, partnerships: (no. of firms, receipts, payroll as % receipts, no. of employees).
• Ratios by Single vs. Multi-Unit Companies 1992 & 1997 - (ratios as above)
• Market Share (Concentration Ratios) 1992 & 1997 - ratios for top 4, 8, 20, 50 largest firms (no. of estabs., firms, receipts as a % total, payroll as % receipts)
• Ratios by Receipts by Size of Firm 1992 & 1997 - (under $100,000 to $100 + million.); (no. of firms, estabs., receipts, payroll, avg. receipts per firm)
• Ratios by Receipts by Size of Facility 1992 & 1997 - (under $10,000 to $10+million.); no. of firms, estabs., receipts, payroll, avg. receipts per firm)
• Average Receipts Per Establishment by State 1992 & 1997 - (no. of estabs., yearly receipts, % of U.S. total, avg. sales per facility)
• Composite industry Income Statement & Balance Sheet: 1998-2002 (% of assets and liabili-ties, operating expenses/profit margins), total industry and by company size
• No of funeral homes & receipts, by 180+ major cities - 1992.

Competitor Profiles 93-106

(For each company below: discussion & analysis of services offered, divisions, markets served; 5-year financial analysis (sales, net profits, 2001-2003 Q1 performance); no. of homes and cemeteries operated, funerals performed, backlogs, history & recent developments/acquisitions, corporate strategies, headquarters.)

• Service Corporation International 93
• Alderwoods Group (formerly: The Loewen Group) 95
• Stewart Enterprises, Inc. 99
• Carriage Services, Inc. 103

Reference Directory of Industry Information Sources 107-110

• Addresses, phones, contacts at major industry trade associations, trade journals, industry research reports by brokerage firms.