$98 billion in disposable income and growing fast: American Muslim consumer market demystified in new Study by DinarStandard
New York, NY (PRWEB) December 03, 2014 -- DinarStandard, a research and advisory firm, in partnership with the American Muslim Consumer Consortium (AMCC,) have released a new grass-roots Study titled “The Muslim Green: American Muslim Market 2014-15.” (http://www.dinarstandard.com/american-market-2014/)
The Study leads with a nation-wide survey (973 responses from representative geographic and demographic segments) highlighting consumption habits, satisfaction levels and demand gaps of Muslim consumers. 86% of the respondents wanted Halal food products to be available at their local supermarket. This was consistent among all major demographics and should be a call-to-action for national retailers. Meanwhile, the most commonly used Islamic financial services were mortgage services (50% of respondents,) investment products (44%,) and banking services (17%). 80% of respondents would like to see more ‘interest-free college education loans.’
DinarStandard conservatively estimates the American Muslim population in 2013 to be 5.7 million, with 1.7 million households and growing at double the rate of the national average (1.7% vs. 0.9%). The largest categories of household spending were: Housing & Housing services ($32 billion), Motor vehicle & services ($12.6 billion), and Food & Food services ($12.5 billion.) Based on the Survey, Food & food services and Education ranked as a higher expense category in American Muslim households relative to the national average.
The American Muslim market’s unique opportunity is put in context of a fast growing global Islamic/Muslim lifestyle economy representing $2 trillion in consumption (2013 ). The faith and values-based customer needs that are driving this global market include Islamic/ethical financing, Halal (lawful) and Tayyab (pure) food, modest clothing, family friendly travel, gender interaction considerations, and religious practices. These needs also extend to business practices that seek Islamic business financing, investment and insurance services.
The Study was exclusively released at the 5th American Muslim Consumer Conference, held on November 15, 2014, where major national brand representatives and entrepreneurs were in attendance reflecting the growing importance of this sizeable market.
“No doubt, this market presents a significant opportunity for businesses. While brands such as Walmart, Best Buy, Whole Foods, Elevation Burger and others are beginning to engage with this market in a targeted way, the potential is still mostly un-tapped,” said Faisal Masood, Founder of the American Muslim Consumer Consortium.
“This Study presents a story of Muslims as a great values-based asset to America focusing on ethical finance, food and other options. In addition to their spending power, Muslims are a key resource in engaging America with the global Islamic lifestyle sectors and the wider $7 trillion in GDP of Muslim-majority fast growing economies from Indonesia and Saudi Arabia to Turkey,” said Rafi-uddin Shikoh, Managing Director of DinarStandard.
The objectives of the Study are to equip businesses with, a) demand profile of the American Muslim market, its dynamics and current activity, b) capture American Muslim consumer needs and wants focused on food, finance, education and retail segments c) evaluate key global Islamic/Muslim market opportunity areas, d) leverage case-studies and best practices based communication and engagement strategies.
The Study also details the market’s young, geographically distributed, ethnically diverse demographics, and community-centric dynamics.
A free Executive Summary is downloadable from the American Muslim Market 2014-15 page (http://www.dinarstandard.com/american-market-2014/). The full-Study with raw survey data for analysis (31 questions segmented across 8 demographic parameters), 16 case study company profiles, best practices, and recommended market strategies, is available for $1,995.
About DinarStandard™
DinarStandard™ is a growth strategy research and advisory firm empowering organizations for profitable and responsible global impact. DinarStandard specializes in the Halal/Tayyab food, Islamic/Ethical Finance, Halal travel, Islamic NGO’s and OIC member country sectors. Since 2008, DinarStandard has been advising organizations globally on market expansion, business/investment strategy, and innovative marketing strategies. Its clients include global multi-nationals, financial institutions, Halal market startups and NGO’s.
About American Muslim Consumer Consortium (AMCC)
American Muslim Consumer Consortium (AMCC) is a nonprofit organization dedicated to developing the American Muslim consumer market. The objective of AMCC is to address the needs of American Muslim consumers and to empower the companies developing products for this market.
Reem El-Shafaki, DinarStandard, http://www.dinarstandard.com, +1 3476247454, [email protected]
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