The Muslim Lifestyle Expo conference occurred last week in London, promoting a global Muslim lifestyle market said to be worth $2.1 trillion annually. The Guardian reports that “global brands are waking up to the massive opportunities of the worldwide Muslim market but many still misunderstand or ignore the potential of a burgeoning sector that is young, highly educated and collectively has enormous spending power.”
Shelina Janmohamed is Vice President of Ogilvy Noor, an Islamic branding agency, and reports that research indicates that more than 90% of Muslim consumers say that their faith has had some influence on purchases, and want halal-compliant food, beverages and personal products.
Though there have been advancements in the last few years in fashion (with H&M featuring a Muslim model, and more designers catering to modest wear), Ms. Janmohamed says there is still work to be done. “One of the complaints we hear is that Muslim consumers feel they are not engaged with, as businesses do not reach out to them.”
So that has left many Muslim entrepreneurs to start their own fashion, cosmetic or personal product lines. “When a young Muslim consumer doesn’t find a product that they are looking for on the high street, their instinct is to go and create it themselves,” says Ms. Janmohamed. “A huge opportunity is being missed by corporate brands, but [the market] is being taken by storm by young Muslim startups.”