In recent years, brands and retailers are increasingly paying attention to the Muslim consumer market in Asia. Read on to find out some of the benefits of tapping this growing consumer segment and why it takes more than a ‘trust mark’ to cater to the significant Muslim populations in the region, especially those within the North Eastern part of Asia in countries like South Korea, Japan and Taiwan.
– Source obtained from retailasiaonline.com
Currently, more than 60% of the world’s Muslims reside in Asia and by 2050, there will be an estimated 1.5 billion Muslims in the region as Asia continues to be home to the largest proportion of Muslims in the world, according to a recent report by Pew Research Center.
Needless to say, the rapid growth of the Muslim population in Asia, coupled with the emerging economies in the region, presents an unprecedented growth opportunity for brands and businesses.
Many big brands are now figuring out how they can do better to win over the Muslim community. Q Akashah, executive director of OgilvyNoor, an Islamic branding and marketing consultancy agency, says: “Their biggest competition comes from the many smaller, more agile and entrepreneurial startups which have a better understanding of this consumer segment — catering more specifically to their needs, speaking their language and having shared values. Many of them are young Muslims themselves.” Read more…