Business booming in recessionary climate
Every time we listen to the news, we might be forgiven for concluding that in these recessionary times, every business is about to, or actually has hit the skids. But as the old saying goes; “It’s an ill wind…” and so it appears; for far from hitting a terminal decline, some businesses are doing quite well BECAUSE of the challenging economic climate.
Some obvious beneficiaries are discount food and clothing stores, who seem to be enjoying a renaissance at the moment, but there is also one far less obvious beneficiary whose business has literally rocketed…the Bible translation and publishing industry.
According to The Book Industry Study Group based in the United States, Bible sales always rise dramatically in times of war or economic downturns and this is certainly borne out by the sales figures. Combined sales of Bibles, Testaments, Hymnals and Prayer Books reached a staggering $795.2 million last year, whilst this year they reached an even more amazing $824 million.
Although many of the purchasers will already have several Bibles and associated books, study has shown that a great deal of this demand is derived from demand for new translations of the Bible, of which several appear every year. There is also a surprising demand for essentially the same Bible but repackaged in different and attractive formats.
Examples are the Swedish Illuminated Bible which was published last year. This was essentially a glossy ‘coffee table book’ Bible, but there are versions regularly released that aim for niche market segments, for instance; the outdoorsman, the married couples and business leaders. To capitalise on this resurgence in interest, publishers in the States plan to release a newly bound edition of the New Testament this month and possibly the Old Testament to accompany it in March next year.
As they say…”It’s an ill wind”.