“Companies who are willing to invest in this market, and willing to look into the diversity and the needs of this market, they will succeed,” says Masood. Muslim-majority countries including Indonesia, Bangladesh, and Pakistan continue to enjoy strong GDP growth. Those kind of consumers are basically being considered as the next output of the Muslim market.” Nabiilabee, fashion designer They are very conscious about eating healthy. “They want to relate to their standard values, but at the same time, they are very conscious about the environment. “What I see is the emergence of young consumers who are Muslims, but they are more conscious consumers who really relate to values and ethics,” Masood added. Muslims spent $1.9 trillion across sectors in 2015, a figure projected to grow to $3 trillion by 2021, according to State of the Global Islamic Economy Report, a study from Thomson Reuters. “When we work with companies and businesses we always tell them: these products should be more universal and should have more values.”īrands are already aware that Muslims wield considerable buying power. “For a company to market to this diverse demographic just based on religion does not make any sense,” Faisal Masood, founder and president of the American Muslim Consumer Consortium, told the Innovation Group.
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