Brexit may hit funeral planner’s business
BRITISH FUNERAL planner Avalon has begun tapping the market for expatriate Germans and Italians amid fears of falling revenues from Brexit-hit Brits.
A large portion of Avalon’s business includes offering preplanned funeral services to British clients living in the EU, but chief executive Paul Wilson said that Brexit is threatening that market.
“Obviously one of the key concerns I have in Europe – which is why we’re looking at other markets in Europe to ensure it continues sustainability – is actually that people don’t move abroad in the future because of Brexit or they lose an appetite for moving abroad.”
More than 21,000 of Avalon’s 55,000 live plans are held by European clients outside the UK.
Brits are not only facing uncertainties regarding their right to live in the EU, but have seen their purchasing power diminished as a result of the pound’s collapse in the wake of the referendum.
Mr Wilson said many of Avalon’s clients have felt the squeeze.
“If they’re getting their pensions paid in pounds, they will actually effectively have less to spend over there because of the falling pound against the euro,” he explained.
“We actually sell our plans in sterling as a choice for the customer ... but again if their cost of living has gone up by 20 per cent to 30 per cent because of the falling pound, they may want to keep that money.”
Mr Wilson assured that clients are not foregoing funeral financing plans altogether, though some are paying the maximum they can up front.