It is a Market that boasts 1.6 Billion people, that is roughly 23.6% ( Pew research 2011) of the Global Population. It is a market strongly driven by Islamic Law ( Sharia) and the Compliance ( Halal) but what makes it really interesting is that it is being labelled as the next big market.
Consider the US alone, according to The Economist– two-thirds of the Muslim population earn $50,000 a year, while a quarter make $100,00 year. With 7 million consumers having an annual spending power of over $170 billion, These are the statistics that matter. Over 40% of the Muslim population is under 25 years of age. You don’t have to be a Muslim brand to appeal to the Muslim population. Substance, a sense of purpose and giving back forms the basic tenets of being a good Muslim. If your brand can deliver on this promise, chances are your brand will connect with these consumers.
Some brands that are attempting to connect:
Clearly this is a market that cannot be disregarded or ignored rather it should be one that companies should pay close attention to. One such instance is that of NewboyFZCO ,The people behind the popular Fulla Barbie. Fulla, introduced in 2003, is the prototypical Barbie doll of the Arab world who wears a hijab (Islamic headscarf), is draped in an abaya (Arabic cloak) and promotes good values, she even has a Pink Prayer rug.