Prices in the Funeral Industry

Paper Summary:

This paper examines articles which addresses the issue of elasticity in the funeral industry. It points out that prices in the industry are becoming increasingly subject to competition and the living consumer's desires regarding elaborate or simple funerals, and thus demand can shift more wildly and widely than ever before, and is more subject to outside as well as inside industry forces.

From the Paper:

"One external factor of particular note for Richard Willing is that the traditional funeral industry is facing increased competition and new supplies from discount venues, and alternative venues. For example discount casket stores have increased the supplies of caskets overall, and of discount caskets in particular. Many of these casket stores are located on the Internet. This technological impact upon the ease of funeral consumer perusal allows for more responsive consumer demand to shifts in pricing, as consumers can be more informed upon pricing differentials, even during a time of grief, by simply surfing the web, rather than driving all over their area or calling up different funeral homes. On average, families have paid upwards of $2,176 for a casket. Now discounters estimate that they can halve the cost."

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