1. Focus Session 2 Summary: Understanding the Muslim Consumer
More than ninety percent of Muslims that Ogilvy Noor, an Islamic branding agency, surveyed say their
faith influences their consumption. Read it again, MORE THAN 90 PERCENT. A market stretching
from the far western areas in Africa to the eastern tip of the Indonesian archipelago contains a huge
number of consumers, cultures, languages and religions and a large proportion of the people living in
the this region have one thing in common that can unite them all: Islam.
There are known knowns: the Muslim population is young with 43 percent under the age of 25 years
old (who make up 11 percent of the world„s population). And then there are known unknowns: what
global brands will step forward to answer the question “will you engage with us?” With a resounding
“YES!”. The returns for the brands that are “early adopters” will be high as their engagement today will
create consumers today, but also yield dividends far into the future as well.
These were some of the points that came out of a discussion on “Understanding the Muslim
Consumer” with Shelina Janmohamed of Ogilvy Noor. It was the second of four focus sessions on the
Islamic Economy organized by the Thomson Reuters Islamic Finance Gateway community in
anticipation of the Global Islamic Economy Summit, to be held in Dubai, UAE from November 25-26,
2013.
Global companies, particularly those in the West are used to dealing with more mature, slower
growing markets and target the emerging markets as a source of future growth, and will have to move
beyond the BRICs and into the Next 11, a group of important markets following the growth trajectory
of the BRICs. 6 of these 11 countries have Muslim majorities and, with their different cultures and
languages—they stretch from Bangladesh to Egypt, Indonesia to Nigeria—the one unifying aspect
that brands can incorporate into their message is by catering to the Muslim consumers in these
countries.
But, to do so, companies will have to show that they take the Muslim consumer market seriously and
are not just doing it for show or with half-measures. Muslim consumers can be the best messengers
for brands that respect them, but beware the brand damage that can come from misrepresenting a
commitment to this market. Muslim consumers—particularly the young consumers who brands seek
the most—want to represent their values in their consumption and expect honesty, purity and humility
from the brands they select