Muslim Millennials Represent New Opportunities For Brands
In 2015, it was estimated that the global Muslim market was worth approximately US$3.9 trillion. By 2021, that figure is expected to climb to $6.5 trillion. Crucially, this growth will be driven largely by Muslim Millennials – a demographic that has yet to be fully engaged by many global brands. And, with 62% of the global Muslim population based in Southeast Asia, opportunities abound.
Travel, in particular, represents a key area for growth. By 2020, it’s expected that there will be approximately 150 million Muslim travellers worldwide – with the most popular destinations for young Muslims being Malaysia, Indonesia and Japan. However, even brands not operating in the travel sector can benefit from engaging with the growing demographic.
For example, Muslim millennials are also expected to have a substantial impact on the growth of pharmaceuticals, finance, cosmetics, fashion, and media. Communications strategies like promoting halal-friendly products and services, connecting with Islamic calendar events like Ramadan and showcasing Muslim millennials in collateral, therefore, may benefit brands across many sectors.