The Death Industry In China Is Booming

The population in China is said to be growing older at a faster rate than almost every other country in the world. The conditions have been attributed to things like their restrictions on child baring and low mortality rate. And because of the rapidly aging population, it's posing a number of problems, like how many workers they will have in the market for every retiree.

It's expected that by 2040 for example, that they'll have 1.6 workers in the market for every one retiree, whereas now they estimate that it's about five workers for every one.

One area is seeing a lot of success in China as a consequence and that's the funeral market and it's expected to see major growth within the coming years. At the moment, when it comes to the number of individuals within China who are 60 years or older, it's estimated to be around 222 million people.

That number will grow, with estimates placing the future total at around 300 million by 2050.

The most popular burial trend at the moment is said to be cremations and eco funerals. Some of the options for “eco funerals” have been things like biodegradable urns or coffins that are made of wicker and seagrass.

When it comes to Asian funeral services, the market has been seeing steady growth and it's estimated to be pulling in roughly $62 billion every year. Compare that market to the US, which is said to have a funeral market that's around $20 billion a year; of course a much smaller population in relation.

Industry experts have said that changes are needed badly; that the market is ripe for disruption. Funeral services haven't changed that much from what you would expect them to be say 50 years ago.

There is a push for more personalized and creative, and non-religious options etc, within the funeral market globally. Eco-friendly burials aren't only growing in popularity within China, but it's also a market that is growing around the world.

There are even options of people who want to send their remains to space, or take part in a Viking burial, aside from opting for a paper or wicker coffin, or going for the bio-urn; it's no longer just the standard coffin or cremation options available. And no doubt when it comes to cremations, a major factor influencing people to take this route is because it's more cost effective than a traditional burial would be.

With eco-friendly burials, right now they are said to be the most popular options in areas like Vietnam, Malaysia, and the Philippines.

Pics:
Pixabay

Sources:
https://www.theatlantic.com/magazine/archive/2016/06/chinas-twilight-years/480768/
https://en.wikipedia.org/wiki/One-child_policy
http://www.cnbc.com/2016/09/27/analysts-are-raving-about-this-one-industry-in-china-that-has-no-overcapacity-problem.html
https://www.thestar.com/business/2017/05/19/asian-eco-funeral-market-on-the-rise.html
http://www.pbs.org/pov/homegoings/economics-of-the-funeral-industry/
https://qz.com/948857/funeral-homes-and-the-death-industry-are-undergoing-radical-shifts-toward-diy-death/

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