MARKET WATCH – KARI PAUL
When Coco Layne, a Brooklyn-based producer, meets someone new these days, the first question that comes up in conversation isn’t “Where do you live?” or “What do you do?” but “What’s your sign?”
“So many millennials read their horoscopes every day and believe them,” Layne, who is involved in a number of nonreligious spiritual practices, said. “It is a good reference point to identify and place people in the world.”
Interest in spirituality has been booming in recent years while interest in religion plummets, especially among millennials. The majority of Americans now believe it is not necessary to believe in God to have good morals, a study from Pew Research Center released Wednesday found. The percentage of people between the ages of 18 and 29 who “never doubt existence of God” fell from 81% in 2007 to 67% in 2012.
Meanwhile, more than half of young adults in the U.S. believe astrology is a science. compared to less than 8% of the Chinese public. The psychic services industry — which includes astrology, aura reading, mediumship, tarot-card reading and palmistry, among other metaphysical services — grew 2% between 2011 and 2016. It is now worth $2 billion annually, according to industry analysis firm IBIS World.