48 Marketing Trends found for Economic/Political / Emerging Markets

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Muslim Consumers of Growing Significance to Global Digital Economy

Trend Summary: Increased consumption of bespoke digital Islamic lifestyle services has spurred Islamic digital economic growth at a faster rate than its global equivalent. 

According to the [second] and latest edition of the Digital Islamic Economy Report issued jointly by Thomson Reuters and Dubai-based strategic advisory firm DinarStandard, Muslim consumers last year contributed US$107bn to the global digital economy of circa US$2 trillion. By 2020, moreover, spending by Muslims  will grow faster than ...

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... the rest of the world's digital economy.

The report recognises a substantial business opportunity in the digital Islamic economy, particularly within five segments:

  • Sharing Economy
  • Social Commerce
  • Retail e-Commerce
  • Food Transportation and Logistics
  • Islamic Finance Investment Products.

The study also identifies e-commerce serving the fashion sector as the most successful business model, citing online fashion retailers Modanisa and SefaMerve among the top five leading Islamic consumer websites.

In terms of popularity and usage, the Islamic web and mobile application Muslim Pro ranks highest in terms of downloads, while productivity and education apps, as well as apps for Halal food ratings and modest fashion, also feature prominently on the Digital Islamic Consumer Services leader board.

Comments Nadim Najjar, Managing Director of Thomson Reuters, Middle East and North Africa: “The report essentially shows how vital Islamic digital economy has become to the everyday lives of Muslims across the world, and points towards specific areas of growth and business potential".

Read the original unabridged ThomsonReuters article.

[Estimated timeframe:Q3 2015- Q4 2020]

All data sources are attributed with links to the original insight. The insight is then summarised and, where appropriate, enhanced with additional information.

Source: Thomsonreuters.com
MTT insight URL: http://marketingtrendtracker.com/article.aspx?id=6711

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