A study conducted a few years back by The Economist indicated that more than fifty percent of businesses which catered for Muslim clientele experienced an annual growth rate of five percent in their revenue. A further thirty-four percent of businesses catering to Muslims saw an annual growth rate of greater than fifteen percent. At that stage, they predicted a further increase in their revenues in future years.
Such examples include the Eid holiday greeting campaign on behalf of Best Buy which gave rise to a thirteen percent increase in annual sales. Other business incentives were that of Walmart which opened a store supplying halal items to Muslims in Michigan. Whole Foods also introduced the brand, Saffron Road, to their store tapping into the market for Muslim customers.
Recent research and studies surrounding this topic reveal that Muslim consumers in America have more than one hundred and seventy billion Dollars in buying power. The market still, however, needs to increase their products and services which target this group. Businesses cannot afford to ignore this if they hope to see increases in revenue, as the global Muslim population is huge.
Most of the Muslim Population are younger than the age of twenty-five, making up ten percent of the World’s total population. Hence, businesses are now starting to recognize that they need to reach this market while there is an opportunity to do so.
Reports by the US Census Bureau and Zogby International have shown that the population of Muslims America far outnumbers the American Jews. However, for each halal product in the U.S., there are eight hundred kosher products.
Considering these statistics, it’s no wonder that polls revealed that seventy-six percent of American Muslims hoped that companies in the U.S. would cater more for Muslims. Ninety-eight percent of companies don’t cater to Muslims, making it understandable that there would be a need for this.
As companies across the U.S. recognize the demand for halal products in their stores, there should be a significant rise in the products available to Muslim consumers in future.