Missing out on Muslims - Research reveals brands, businesses losing out on revenue as they fail to tap into religions group
It is reportedly the world's fastest-growing consumer group and estimated to be worth US$2 trillion - yet many businesses and brands are believed to be 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, England.
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 program, who is behind the report, said many marketers are still in the dark about the potential of the Muslim market.
"Muslims will play an increasingly important role in the global marketplace, especially due to the young age demographic and consumer spending as a result of their rising purchasing power," said Lampert.
"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."
He added: "Their diversity highlights the importance of targeted messaging based on a robust understanding of their values and preferences."
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.
Innovative products and technologically advanced products are top of the agenda while saving instead of spending is the preferred outlook.