Posted by Abe Sauer on February 24, 2010 12:46 PM
The recession is affecting both the way we live, and die. Casket brands – that once frequently sold $10,000 custom models made of high-end materials and fine fabrics – are suffering.
For example, Hillenbrand – the nation's largest casket maker – is struggling as more consumers are choosing cremation over burial or opting for the cheap old pine box. Just last year, casket sales were down to 1.69 million from 1.74 million from the year before – a steep drop from the 1.9 million sales peak of 2000. Consequently, Hillenbrand's revenues fell to $650 million, a 4.3 percent drop from the previous year.
The situation at Matthews International, America's second largest casket maker, is similar as last year its revenues fell 4.6 percent.Continue reading...