一方、1件当たりの葬儀業売上高（葬儀単価）は、葬儀の小規模化（簡素化）に伴い下落傾向にあり、特に2020年度はコロナ禍の影響により1,124千円（2019年度は1,311千円）と大きく落ち込んだ。ただ、その後は回復基調をたどり、2023年度も1,201千円（前年度は1,144千円）に持ち直した。しかしながら、一日葬や家族葬の増加に見られるように、葬儀規模の縮小や参列者の減少などの傾向は続いており、さらには異業種からの参入及び低価格パッケージを売りとするフランチャイズ・チェーンの出現なども見られることから、価格競争は激化していくことが予想される。■ Market Environment
1. Funeral Concept Business
The performance of Viewtica Holdings <3041>'s main business, the 'Funeral Concept Business,' is highly correlated with the number of funerals nationwide and the funeral revenue per funeral. Looking at the trends in the number of annual deaths, number of funerals, and funeral revenue from 2019 to 2023, the annual number of deaths has been increasing at an average rate of 3.2% per year, while the number of funerals has also been slightly expanding from 422,346 in 2019 to 500,578 in 2023. The increase in the number of annual deaths is attributed to the growing elderly population, and based on the population structure, it is expected that single-digit growth will continue in the future.
On the other hand, the funeral revenue per funeral (funeral unit price) has been declining due to the downsizing (simplification) of funerals, particularly in 2020, where it dropped significantly to 1,124,000 yen (compared to 1,311,000 yen in 2019) due to the impact of the COVID-19 pandemic. However, it has since followed a recovery trend, with 1,201,000 yen in 2023 (compared to 1,144,000 yen the previous year). Nevertheless, trends such as downsizing of funeral scale, decrease in attendees, and the emergence of franchises specializing in price competition, including entry from other industries and low-priced packages, are expected to intensify price competition.
Businesses engaged in 'Funeral Concept Business' like the company tend to be small and medium-sized enterprises closely connected to the local region, with many specialized professionals, while major funeral-related companies also have internalized. Environmental changes in the aforementioned funeral-related industry will naturally impact 'Funeral Concept Business' operators and are likely to accelerate industry consolidation.
2. Wholesale Flower Business
The performance of the 'Wholesale Flower Business' has been influenced by the number of flowers (cut flowers) handled from 2018 to 2023, ranging from 851 million stems in 2018 to 757 million stems in 2020. In 2022, it decreased slightly to 768 million stems, and in 2023, it further decreased to 759 million stems. Import quantities have also fluctuated, with trade volumes ranging from 44,621 thousand kg in 2019 to 39,886 thousand kg in 2020. In 2022, it decreased to 40,894 thousand kg and further decreased to 42,177 thousand kg in 2023. However, handling amounts show an upward trend, increasing from 50,217 million yen in 2020 to 62,448 million yen in 2023. Similarly, import values have increased from 34,649 million yen in 2020 to 43,759 million yen in 2023. These trends are largely influenced by factors such as the depreciation of the yen and rising energy prices. It is worth noting that the increase in purchase prices is a positive for the 'Wholesale Flower Business,' which relies on commission income, but it becomes a cost increase factor for the 'Funeral Concept Business.'
3. Bridal Flower Decoration Business
Due to the effects of declining birth rates and marriage rates, the number of marriages is decreasing. In 2023, it decreased to 474,717 cases for the first time post-World War II. On the other hand, the average total amount of wedding ceremonies, receptions, and parties was 3.623 million yen in 2020, but due to the impact of the COVID-19 pandemic, it temporarily declined to 2.923 million yen in 2021. However, in the current 2023, it has significantly recovered to 3.271 million yen.
(Written by Fisco Guest Analyst Ikuo Shibata)
