While China and India have captured the world’s attention, the Muslim segment remains a quiet but enormous untapped consumer market. There are about 1.8 billion Muslims around the world and we call this “the third one billion” opportunity. Almost one in four of the world’s population is Muslim, and this number is expected to grow by a significant 35 per cent to 2.2 billion in 2030.
- The largest and most populated continent
- About 60% of the Muslims of the world belong to Asia
- Consists of Indonesia , India, Pakistan and Malaysia which have the largest Muslim population in the world
- Islamic resurgence in South Asia since the 1970s, creating a strong sense of identity
- Spurt of economic growth in the region increasing affluence and purchasing power, especially in India and Indonesia. For example, there is a Saks Fifth Avenue store in Jakarta.
A stroll into some well known supermarket names during the month of Ramadan is an experience that Muslim consumers describe with delight. They love the Ramadan signage and the special offers, but what creates brand loyalty is the very fact that they are recognized by the business as valued consumers. But this novelty will soon wear off and brands must up the ante in branding, innovation, communications and engagement.
Despite being receptive to brand engagement, Muslim consumers rightly complain that brands seek to pass off poor quality products in a bid to win their business. Or that innovation is poorly implemented. Or that communications and customer service are clunky and insensitive.