Disposable income and technology play a role in the growth of the religious organizations market
The Business Research Company Global Religious Organizations Market Report 2021 – Impact and Recovery of COVID 19
LONDON, GREATER LONDON, UK, September 20, 2021 /EINPresswire.com/ – Growth in disposable income is contributing to the market for religious organizations. Growing economic conditions lead to higher disposable income which encourages individuals to participate and contribute to charitable events. According to an OECD report in the United States, the average household net adjusted disposable income per capita is $ 45,284 per year. In 2018, real household income growth in the United States exceeded real GDP growth by 3.1 percentage points. On average, overall, individuals donate around 2% of their disposable income, and an increase in disposable income translates into a directly proportional increase in donations. For example, in 2018, a 5% increase in disposable income represented 2.1% of gross domestic product (GDP). Hence, the growth in disposable income is stimulating the market for religious organizations.
The global religious organizations market size is expected to grow from $ 317.02 billion in 2020 to $ 333.52 billion in 2021 at a compound annual growth rate (CAGR) of 5.2%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 409.63 billion in 2025 at a CAGR of 5.3%.
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The use of technology is increasingly used by religious organizations to leverage the strengths of the religious organization for social impact. For example, Goodlands is a start-up that uses geographic data to map Catholic Church lands around the world. It uses Geographic Information System (GIS) software to create a map of the Roman Catholic Church around the world with boundaries and layer upon layer of data on the church and environmental contexts, then uses the land assets to create new ways of channeling them for social good.
Major players covered in the global religious organization industry are Curves, ServiceMaster, HEB, Anschutz Entertainment Group, Blessings International, Mary Kay, The Salvation Army, Tom’s of Maine, Samaritan’s Purse, Feeding America, Food For The Poor.
The global TBRC Religious Organizations market report is segmented by Type into Public Organization, Private Organization, Individuals, Religious Groups into Christians, Muslims, Hindus, Others.
Global Religious Organizations Market Report 2021 – By Type (Public Organization, Private Organization, Individuals), By Religious Groups (Christians, Muslims, Hindus), COVID 19 Impact And Recovery is one of a series of new reports from The Business Research Company providing Religious Organizations Market Overview, Religious Organizations Market Size and Growth Forecast for the Whole Market, Religious Organizations Market Segments and Geographies, Religious Organizations Market Trends, Market Drivers religious organizations, constraints, revenues, profiles and market shares of the main competitors.
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