Failing to tap into Muslim consumer potential costing billions, new research reveals
Rauf Mirza, co-founder of MLE 2017, said, “This report further reinforces the growing sentiment that the Muslim lifestyle market simply cannot be ignored."
It is the world’s fastest growing consumer group and estimated to be worth $2 trillion, yet many businesses and brands are failing to understand them.
New research on the Muslim lifestyle market has revealed the urgent need for marketers to adopt a targeted approach to capitalise on the potential of the consumer.
The international report Tapping into the Muslim consumer potential has also highlighted the growing influence of the younger generation, known as Muslim Millennials, who are behind the rapid growth in the sector due to their love for technology, higher disposable income and desire to explore the world.
This is the first time such thorough insights have been provided into one of the fastest-growing sectors across the globe which will be officially launched this weekend at the Muslim Lifestyle Expo 2017 (MLE2017) in Manchester.
The Muslim lifestyle sector has seen growth at nearly double the rate of the global economy with expenditure of consumers on food and lifestyle sectors growing by 9.5 per cent to $1.9 trillion in 2015 and projected to reach $3 trillion by 2021.
Martijn Lampert, research director of the Netherlands based Glocalities research programme, who is behind the report, said many marketers are still in the dark about the potential of the Muslim market.
He said: “Muslims will play an increasingly important role in global marketplace especially due to the young age demographic and consumer spending as a result of their rising purchasing power.
“This growth is fuelled by Muslim millennials, a young and dynamic group. Bringing energy, new ideas and a different outlook on life, they prove that Muslim citizens all over the world come in very different types and mindsets.
“Their diversity highlights the importance of targeted messaging based on a robust understanding of their values and preferences.”
Rauf Mirza, co-founder of MLE 2017, said, “This report further reinforces the growing sentiment that the Muslim lifestyle market simply cannot be ignored.
“Its global appeal and reach means brands and businesses could be missing out on billions in revenue.
“The opportunities that exist for all businesses, regardless of religion, are too big to miss and this is precisely the reason we created this event and why it is now the world’s leading Muslim lifestyle event.”
The study looked at in-depth data covering 24 countries using benchmarks such as sociocultural trends, value cards and universal archetypes to understand the people behind the ‘’Muslim” label.
It examined the typical values Muslims adhere to and segmented this market according to the findings while also comparing Muslims in the West and Muslims from three major Muslim countries - Indonesia, Turkey and India.
The survey revealed that Muslim consumers were eager to know the story behind products and brands before making their purchasing decision.