The financial implications of such a supply shock are becoming all too clear. Donations have fallen and many churches have been forced to delay or scrap their outreach programmes. Some ministries have had to let go of staff. Places that depend on pilgrimages have been particularly badly hurt. The Santiago de Compostela Cathedral has been renovated at great expense in anticipation of the surge of Camino pilgrims expected to make the journey during next year’s Holy Year; many may choose to suspend their plans. The Hajj and Umrah usually add $12bn, or 7%, to Saudi Arabia’s GDP; the collapse of pilgrim numbers would have seriously hurt Mecca’s economy.
But in contrast to other industries, where supply shocks have been exacerbated by a decline in demand, the pandemic has forced people to reflect on their own mortality and the meaning of life. Many have turned to religion for answers. In the US, more than half of all respondents to a Pew Research survey in March said that they “prayed for an end to the spread of coronavirus”. In the same survey, 29% of Americans said that the pandemic has strengthened their faith or spirituality; only 3% said their faith had deteriorated. While the supply of religious and spiritual services may have declined, demand is certainly on the increase.
Denne historien er fra 27 August 2020-utgaven av Finweek English.
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Denne historien er fra 27 August 2020-utgaven av Finweek English.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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