GENERAL PRICE LIST SURVEY RESULTS RELEASED BY NFDA
The National Funeral Directors Association recently released the results of the General Price List Survey they administer to their members. The information presented in the survey displays a snapshot of funeral supply and service pricing across the country. The survey data not only shows the overall price trends throughout the industry, but also breaks the data down into subsets that give insight into types, regions and size of associated offerings.
Although, there is much valuable information included in the report, we all know that we will be exposed to the most popular result of the survey - the average overall cost of a basic funeral package – through advertising for insurance companies, network media reports, and many other sources. However, if utilized to its fullest potential, the results of this report can make the difference in your funeral business and allow you to set pricepoints that align you with your competition and provide you the edge in many cases.
The report looks at a variety of numbers, many having to do strictly with funeral home-specific services like basic fees, transfer of remains to funeral home, embalming, preparation of the body, facility and staff rents and rents from hearse/service vehicles. These numbers are compiled from surveys sent to 3,000 NFDA members, with 38% responding. They place those costs at @$3,900 in 2006 versus @$3,400 in 2004.
Looking at the historical data from 2006, the overall costs for funerals has risen by 11.4% since 2004, while the cost for caskets has risen by only 6.87%. This statistic is curious because of the high quality caskets being produced today. With rising fuel prices and their effect on the price of bring caskets and memorial products to market, it is a remarkable statistic. The average price of popular metal caskets in the US is $2,255, up only $155 from 2004. (Note: The data reflects average prices nationwide. For regional, typical and scalable results, contact the NFDA for a detailed report.)
The most dramatic rise has been in the basic memorial printed package by over 20%.
This survey data does not include cemetery, monument / marker, flowers or obituaries. Included in the 2006 overall funeral cost is a vault (which is required by most cemeteries) bringing the grand total to $7,323 compared to the ever-familiar 2004 figure of $6,580 that was quoted in so many advertisements.
The complete report is available from the NFDA and more information can be found at their website nfda.org.
